On 30th October 2024, Sun King received the Financial Times and World Bank MIGA’s Financing Access to Clean Energy Award and the Judges’ Award for Excellence at the inaugural Africa Sustainable Futures Awards for its ‘pay-as-you-go powered securitisation’. These awards were established to recognise innovative and financially viable projects and initiatives that provide transformative solutions to some of the biggest development issues facing the continent today. There were 221 entries to this year’s awards, of which 22 were shortlisted across five core award categories.

The Financing Access to Clean Energy Award recognises transformative renewable energy initiatives that increase access to energy and provide climate-smart solutions. The award recognised Sun King’s work pioneering new financial models to fast track Africa’s green transition through its leadership and innovation in the fast-growing ‘pay-as-you-go’ (PAYG) off-grid solar energy industry. 

Sun King sells a range of cost-effective solar products, ranging from hand-held solar lamps to solar home systems that offer multi-room lighting and phone charging through to powerful rooftop solar systems that offer power equity with the grid. Sun King offers these products on finance on a PAYG basis, whereby customers pay for the solar system in manageable daily, weekly, or monthly instalments over the course of one to two years. 

This approach lowers affordability barriers that prevent households and businesses living and working across the continent from accessing solar energy. PAYG customers redeploy their savings from reduced spend on kerosene and diesel fuels to clean, green, and reliable solar energy. Since 2017, Sun King has extended over $1 billion in solar loans to over 22 million households and businesses.

In 2023, Sun King’s launched a first-of-its kind securitisation in Kenya. This securitisation accelerates access to Sun King’s pay-as-you-go solar loans, turning customers’ existing and future pay-as-you-go loan payments into an investable asset funded by development finance and commercial finance institutions. The investment vehicle created a new way for investors to invest in Africa’s green transition and expand energy access. The securitisation involves participation from ABSA Kenya, British International Investment, Citi, FMO, Norfund, Standard Bank Kenya, and the Trade and Development Bank. 

“In the words of judges, [Sun King’s pay-as-you-go powered securitisation] effectively turns capital into impact by reducing dependence on fossil fuels, whilst leveraging solar energy to boost Africa’s green transition,” noted Rachel Kyte, the UK Government’s Special Representative for Climate.

Sun King was also awarded the Judges’ Award for Excellence. This award is given to the award winner the judges believe to display outstanding innovation, impact, replicability, financial viability, and sustainability in the context of Africa’s development.

Anish Thakkar, Sun King’s Co-Founder, said “Africa, the world’s fastest-growing continent, has the largest off-grid population but attracts only a small share of global clean energy investment. Sun King is committed to surfacing new investment solutions, such as our securitisation, that spur investment where it is most needed, advance energy access, and support Africa’s green transition. We are honoured to receive these awards and thank both the Financial Times and World Bank MIGA, as well as the panel of judges, for their recognition.”

The awards judging panel consisted of:

• David Pilling, Africa Editor, Financial Times (co-chair)
• Ethiopis Tafara, Vice President & Chief Finance, Risk, Legal and Sustainability Officer, The Multilateral Investment Guarantee Agency (MIGA), World Bank (co-chair)
• Runa Alam, Co-founder and CEO, Development Partners International 
• Mo Ibrahim, Founder and Chair, Mo Ibrahim Foundation
• Yvonne Ike, Managing Director and Head of Sub-Saharan Africa, Bank of America
• Donald Kaberuka, Chairman and Managing Partner, SouthBridge
• Yasmin Kumi, CEO and Founder, Africa Foresight Group 
• Lexi Novitske, General Partner, Norrsken22