Sun King, the Nairobi-based off-grid solar energy provider, said on Friday it has raised $40 million in equity financing from London-based impact investor Lightrock to accelerate its expansion across Africa and Asia.
The funding will be used to scale distribution of decentralised solar power systems, broaden the company’s product pipeline and increase its physical presence, the company said. Sun King’s integrated model combines solar panels, energy-efficient appliances and flexible pay-as-you-go consumer financing.
Sun King, led by Chief Executive Officer T. Patrick Walsh, plans to grow its retail footprint from about 470 outlets today to roughly 1,650 by 2030, and double its field agent workforce to around 90,000 across Africa, the company said.
The company already serves tens of millions of customers in underserved markets, providing solar home systems and related products where conventional grid electricity is limited or unavailable.
“Lightrock brings a deep understanding of our customers’ needs and a clear commitment to expanding access to energy,” Walsh said in a statement. “This investment strengthens our ability to reach millions more people with affordable, reliable power.”
Lightrock did not immediately respond to a request for comment. The investment reflects growing international investor interest in renewable energy and decentralised power solutions in emerging markets.
Sun King’s pay-as-you-go financing model, which allows consumers to make small incremental payments for solar systems, has unlocked significant customer financing and supported its rapid growth across several African and Asian markets.
The company’s latest funding comes amid a broader push to increase clean energy access for the hundreds of millions of people who lack reliable electricity, particularly in sub-Saharan Africa.