Sun King, a company that offers of off-grid solar energy products in Africa and Asia, has secured a $70 million equity investment led by LeapFrog Investments.
The investment is an extension of the $260 million Series D round the company raised in April, which was led by BeyondNetZero, the climate investing venture of General Atlantic and M&G Investments’ Catalyst and Arch Emerging Markets Partners. Thus, Sun King has closed its Series D round at $330 million and as a result, raised over $550 million in debt and equity since its inception.
“We are proud that LeapFrog is investing in Sun King to expand access to energy with renewable solar power,” said Thakkar. “LeapFrog brings a wealth of experience meeting the needs of customers in the countries where we are working to make solar energy solutions easily accessible to everyone.”
According to the company, 1.8 billion people are living without reliable access to an electric grid. Without electricity, most are left to light their homes with kerosene, an unsafe and expensive pollutant, or to walk miles just to charge their mobile phones, find a place to study, or finish their day’s work.
Sun king aims to power access to brighter lives. It designs, distributes, installs and finances solar home energy products for the 1.8 billion people currently living without reliable energy access.
The company says it provides solar energy to 165,000 homes per month across eight African countries .In Kenya, where it has operated for over a decade, over 1 in 5 people use its product for light and power, accounting for 22 million Kenyans served to date.
Since its inception in 2007 by chief executive officer Patrick Walsh and Anish Thakkar, Sun Kings products have provided light and power to 95 million people throughout its African and Asian markets, including Cameroon, Mozambique, and Togo, three countries it recently expanded into.
The solar energy company has also provided more than $500 million in solar purchase finance through a network of over 20,000 field agents, 36% of whom are women.
“Sun King is leading the way in providing sustainable, safe and reliable electricity access to emerging consumers in Africa and Asia. The company’s off-grid solar systems will be vital in filling the growing electricity accessibility gap and ensuring these emerging countries avoid the carbon dioxide emissions and detrimental health impacts that result from energy sources like diesel generators, wood burners and kerosene,” said Karima Ola, partner at LeapFrog Investments.
“Through innovative payment models, Sun King ensures that consumers don’t bear the upfront cost of a clean energy transition, allowing them to leapfrog directly to less carbon-intensive consumption. We are pleased to be partnering with Sun King for the next stage of their impressive growth journey.”