Kibo Energy seeks to buy 20-GW renewables pipeline in Europe, Africa
Sep 16, 2024 17:21 CESTKenya-based off-grid solar products provider Sun King, previously called Greenlight Planet, announced it has closed on a first-of-its-kind USD-130-million (EUR 121.6m) bank-led securitisation of existing and future customer payments for its solar products.
The transaction is aimed at facilitating access to green and affordable solar systems and paves the way for future African securitisation deals, Sun King said in a statement earlier this week.
With the deal, the future payments on solar products purchased by customers on credit will be securitised and funded by investors.
The loan instrument, which is entirely denominated in Kenyan shillings, is arranged and structured by US banking giant Citigroup with participation from various other financial institutions and lenders, including ABSA Kenya, British International Investment, FMO, Norfund, Standard Bank Kenya and the Trade and Development Bank.
Sun King offers solar energy solutions for African and Asian households and businesses that cannot access or afford traditional electric grid connections. The company provides a number of purchase options, such as pay-as-you-go “Easy Buy” financing service, which breaks payments down into regular, affordable installments.
The Nairobi-based firm raised USD 260 million in series D funding in April 2022 to continue its geographic extension. In December, it extended the fund-raiser to USD 330 million with additional investment from private investment firm LeapFrog.
(USD 1 = EUR 0.935)
Kibo Energy seeks to buy 20-GW renewables pipeline in Europe, Africa
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