As Kenya strives to meet its energy needs while combating climate change, a groundbreaking partnership has emerged to catalyze the adoption of off-grid solar energy. British International Investment (BII), in collaboration with Stanbic Bank Kenya, has committed to support Sun King, a leading off-grid solar energy company, through a significant funding round and a joint working capital facility. This landmark endeavor marks a major step forward in advancing clean, reliable, and affordable energy solutions throughout the country.

With nearly three out of every ten Kenyans lacking access to electricity, the need for alternative energy solutions has never been more crucial. Sun King, the world’s largest off-grid solar energy company, designs, distributes, installs, and finances solar solutions for households and businesses that are unable to access or afford traditional electric grid connections. By leveraging the $130 million funding round and the $20 million working capital facility, Sun King aims to reach even more underserved customers, empowering them with green, reliable, and modern energy options.

Gender Equality and Social Inclusion

Sun King’s commitment to inclusive growth is noteworthy, as approximately half of its registered pay-as-you-go customers in Kenya are women. Through formal financing products made accessible to these customers for the first time, Sun King is actively closing the gender gap in energy access and creating economic opportunities.

By providing solar home systems and energy-efficient equipment, this initiative empowers women-led households and small businesses to thrive while contributing to Sustainable Development Goal 10 of social inclusion.

The joint commitment by BII and Stanbic Bank Kenya is a testament to their shared vision of mobilizing climate finance to improve energy access and enhance the quality of life for Kenyan households. By deploying innovative financing models and working closely with Sun King, these partners stimulate the development of the off-grid solar energy market while providing energy-efficient solutions.

This approach aligns with Sustainable Development Goal 8, promoting decent work and economic growth.

Climate Action

The collective efforts of BII, Stanbic Bank Kenya, and Sun King have far-reaching implications for climate action. The transition to clean energy sources is a crucial step in reducing greenhouse gas emissions and mitigating climate change.

Through the adoption of solar home systems and energy-efficient appliances, Kenyan households and businesses can reduce their carbon footprint while embracing sustainable living practices. This aligns with Sustainable Development Goal 13 and the global imperative to combat climate change.

A Catalyst for Sustainable Development: The partnership between BII, Stanbic Bank Kenya, and Sun King represents a significant stride towards achieving several United Nations’ Sustainable Development Goals. By advancing Affordable and Clean Energy (SDG 7), Climate Action (SDG 13), and Decent Work and Economic Growth (SDG 8), this collaboration serves as a beacon of hope and progress in Kenya’s green energy revolution.

The commitment of BII and Stanbic Bank Kenya to support Sun King’s funding round and working capital facility is a testament to their dedication to combat climate change and promote sustainable development. Through this partnership, Sun King can accelerate its mission of delivering clean, reliable, and affordable energy solutions to underserved communities in Kenya.

The ripple effects of this initiative extend far beyond energy access, empowering individuals, fostering gender equality, and driving sustainable economic growth. As Kenya marches towards a greener future, this collaboration serves as a shining example of the transformative power of renewable energy in combatting climate change and improving lives.