Sun King raises $40m to accelerate off-grid solar expansion across Africa
Sun King, the world’s leading off-grid solar energy company, has secured $40 million in equity financing from the global sustainable investment platform Lightrock to accelerate its expansion across Africa and Asia.
The investment is designed to bolster Sun King’s decentralized energy systems and drive the development of high-capacity products for underserved households and businesses.
For nearly two decades, Sun King has worked to bridge the energy gap in regions where national grids remain inaccessible. Since its founding in 2007, the company has delivered 29 million solar products globally, reaching an estimated 50 million people. The impact is significant, with 67% of customers reporting that they previously had no access to electricity. By replacing traditional fuels like kerosene and diesel with clean solar power, the company has provided $1.4 billion in customer financing to date.
Central to this success is a pay-as-you-go financing model that lowers the financial barrier for low-income families. Customers can purchase solar systems for as little as $0.15 to $0.20 per day, repaying the equipment over a period of 12 to 24 months. This model not only provides immediate light but also facilitates the purchase of energy-efficient appliances such as smartphones, fans, and refrigerators, which are essential for digital connectivity and modern livelihoods.
T. Patrick Walsh, CEO and Co-Founder of Sun King, noted the dramatic trajectory of the business during the funding announcement. “Lightrock brings a deep understanding of our customers’ needs and a clear commitment to expanding access to energy,” Walsh said. “Sun King has grown from delivering 10,000 solar kits a month in 2017 to more than 330,000 each month today. We are working to expand to one million solar kits each month by 2030 to meet the basic energy needs of, at least, 200 million people, and this investment is part of the overall financing required to reach that operational scale.”
The long-term goals for 2030 are ambitious, with Sun King planning to deploy 3.8 GW of new decentralized solar capacity—roughly the output of three large coal power stations—delivered directly to users. To achieve this, the company will scale its retail and field operations, aiming to grow its network from 470 shops to 1,650 and its agent workforce to approximately 90,000 across the continent.
Investors highlighted the proven nature of the business as a key reason for the capital injection. “Sun King exemplifies the type of proven, scalable solution we seek to support at Lightrock,” said Arul Thomas, Partner at Lightrock. “The team’s execution ability in growing to serve 50 million people is truly laudable, and we are delighted to partner with them as they continue expanding their customer offering, operations, and international presence to address the critical global challenge of energy access.”
The new capital will also support a push into “productive-use” appliances, including solar-powered milling and clean-cooking technologies. These solutions are intended to strengthen local food systems and boost small-business incomes while simultaneously improving health outcomes by reducing indoor air pollution. As over 600 million people across Africa still live without power, Sun King intends to deepen its presence in its current 11 operating countries while entering new markets in dire need of clean energy solutions.
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