Earlier this year, solar energy provider Sun King closed a 156m securitisation deal to accelerate the rollout of off-grid solar systems in Kenya.
Patrick Walsh, co-founder and CEO of the Benin-headquartered firm, says the debt-financed deal highlights the growing appetite of Kenyan and regional financial institutions in supporting Africa's fast-maturing clean energy ecosystem.
Commercial banks ABSA, Citi, the Co-operative Bank of Kenya, KCB Bank and Stanbic Bank Kenya supported a senior tranche, while a mezzanine tranche was supported by development institutions British International Investment, the Netherlands' FMO, and Norway's Norfund.