Sun King, a global off-grid solar energy company, has closed a KES 20.1 billion (~$156 million) securitization to expand solar access in Kenya. The deal is the largest of its kind in Sub-Saharan Africa outside South Africa. It is backed by ABSA, Citi, The Co-operative Bank of Kenya, KCB Bank, and Stanbic Bank. British International Investment, FMO, and Norfund provided mezzanine funding. The financing is expected to support 1.4 million solar products and smartphones. This is Sun King’s second local currency securitization after a $130 million deal in 2023. Both deals together are set to deliver 3.7 million units. Sun King’s pay-as-you-go model uses mobile money for flexible daily payments. The structure enables long-term debt by converting future repayments into investable assets. The funds were raised under its Sustainable Financing Framework, rated privately and reviewed by Moody’s.