Absa Bank Kenya is making a sizable investment of Kes2 billion to help accelerate the adoption of off grid solar systems in Kenya. This initiative comprises part of a financing effort worth Kes17.9 billion ($130 million) which includes various commercial banks and partners interested in promoting environmentally friendly projects by introducing financial innovations. As a means of securing funds for future growth Absa Bank Kenya and other investors are utilizing payments from Sun Kings’ customers, the largest off-grid solar energy company worldwide.

By securitizing and funding their customers’ future payments for solar equipment bought on credit they are contributing to Sunking Financing Ltd, a Special Purpose Vehicle that acquires eligible receivables from Sun King Kenya. The primary aim is to enable Kenyan households and businesses to transition to clean.

Reliable energy resources that are eco friendly. This is critical as around 30% of Kenyans have no access to electricity. And many end up relying on expensive or polluting fuels for lighting or power.

Solar energy offers not only an alternative but also long term cost savings.
James Agin, Managing Principal for Corporate and Investment Banking at Absa Bank Kenya expressed support for sustainable financing featuring as part of their overall vision concerning sustainability.

Anish Thakkar, Co Founder of Sun King emphasized the significance of their pay as you go service that removes any upfront cost barriers that consumers face when aiming to purchase solar energy systems.
Securitization plays an essential role in unlocking the capital necessary to finance large scale solar powered initiatives vital in addressing climate change crises.

Sun King specializes in designing, distributing, installing and financing solutions relating to solar energies aimed towards sectors like households or businesses within Africa and Asia that lack access to traditional electric grid connections. Their service called “Easy Buy” enables clients looking forward to purchasing products through affordable installment payments starting from $0.15 per day with technology driven assistance.