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Standard Bank delivers double commitment to Kenya’s off-grid solar energy company Greenlight Planet

30 Jun 2023

Country
Kenya
Year
2023
Sector
Energy and Infrastructure
Business Unit
Corporate Financing Solutions
Specific Role
Co-placement Agent and Mandated Lead Arranger
Stanbic Bank Kenya has provided a commitment in Greenlight Planet Kenya’s $130m local currency securitisation and in a $20m local currency borrowing base facility.

Sun King is a leading designer, distributor and financier of solar home energy products to low-income communities around the world. Through its wholesale and retail operating model, Sun King has provided solar energy products to over 60 million people in more than 65 countries.

Greenlight Planet Kenya, part of the Sun King Group, has successfully executed its inaugural local currency sustainable securitisation, leveraging their existing receivables portfolio and raising funding for future growth.

The innovative and entirely Kenyan Shilling-denominated securitisation deal injects USD130 million into Kenya’s off-grid solar energy sector, paving the way for future African securitisation deals and diversifying the funding for Kenya’s off-grid solar energy sector. The structure is revolving, allowing GLPK to sell receivables on an ongoing basis, while providing a scalable and sustainable funding platform going forward.

Stanbic Bank Kenya acted as co-placement agent and participated with USD20 million as a senior loan note holder. The bank also provided a USD10 million equivalent commitment in a complementary USD20 million equivalent borrowing base facility to finance the working capital including inventory, while retaining its role as facility and security agent and collection account bank. Both facilities will be covered by GLPK’s Sustainable Finance Framework, which has received a second-party opinion (SPO) from Moody’s Investor Relations.