Africa's Off-Grid Solar Sector Attracts Landmark Mainstream Financing Deals

Two of Africa's largest off-grid solar companies closed landmark financing deals reported July 31, 2026, signaling growing mainstream capital-markets interest in expanding electricity access. Affordable-energy company d.light issued a $50 million green bond backed by a special-purpose vehicle holding thousands of pay-as-you-go customer receivables. Rival Sun King raised $286 million via securitized debt, converting future customer solar-system repayments into upfront capital using techniques borrowed from mortgage and auto-loan markets. M-KOPA separately reported Nigeria as its fastest-growing market, with 231 billion naira (~$150 million) in cumulative credit extended to off-grid solar customers. The deals mark a shift from grant- and equity-dependent financing toward institutional debt markets for last-mile electrification across the continent.