Sun King, an off-grid solar energy company focused on expanding access to reliable electricity for underserved households and businesses, has raised $40 million in equity financing from Lightrock to support the scale-up of decentralised solar systems across Africa and Asia. The company said the investment will be used to advance its product pipeline and expand the installation and service infrastructure that supports millions of customers.
Sun King said it has spent 18 years building a distributed energy utility model that bundles solar generation, energy-efficient appliances, installation, and consumer financing into a single offering. The company’s portfolio ranges from low-cost solar kits for basic lighting and phone charging to multi-kilowatt inverter systems for powering larger homes, schools, health clinics, farms, and commercial facilities in areas with limited or unreliable grid access.
Since 2007, Sun King has delivered 29 million solar products globally, noting that 67% of its customers previously had no access to electricity. The company’s pay-as-you-go approach allows customers to finance solar systems over 12 to 24 months, which Sun King said can bring daily costs down to about $0.15 to $0.20. The company also said it has provided $1.4 billion in customer financing across Africa and has positioned the shift to solar as a replacement for polluting fuels such as kerosene and diesel, which are often used for household energy and backup power.
Beyond core solar kits, Sun King said it is expanding further into energy-efficient appliances such as fans, smartphones, and refrigerators, aiming to improve comfort, connectivity, and cold storage while supporting livelihoods and health outcomes. The company said these products are offered through pay-as-you-go financing and supported by a service network of more than 470 shops and 35,000 field agents.
Sun King said the $40 million investment will support a significant buildout of distribution, installation, and servicing capacity as it targets major growth milestones by the end of the decade. The company said it aims to deploy more than 50 million additional solar kits by 2030 and extend electricity access to 200 million people, supported by expansion of its retail and field operations. Between 2025 and 2030, Sun King said it plans to increase its network of shops from 470 to around 1,650 and expand its agent workforce across Africa from 45,000 to about 90,000. Sun King currently operates in 11 African countries and said it plans to deepen its presence in existing markets while moving into new geographies, noting that more than 600 million people across Africa still lack access to electricity.
The company also said the new capital will help broaden its product portfolio by applying advances in solar, control electronics, and battery science to deliver higher capacity systems at lower cost. Sun King said it plans to deploy 3.8 gigawatts of new decentralised solar capacity by 2030, which it described as roughly equivalent to three large African coal power stations, delivered directly to households and businesses without reliance on grid infrastructure. The company also said it intends to expand beyond solar into additional solutions including pay-as-you-go clean cooking technologies, smartphones, and productive-use appliances for refrigeration and milling.
Support: Ekta Partners served as the exclusive financial advisor for the transaction.
KEY QUOTES:
“Lightrock brings a deep understanding of our customers’ needs and a clear commitment to expanding access to energy,” said T. Patrick Walsh, CEO and Co-Founder of Sun King. “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.”
T. Patrick Walsh, CEO and Co-Founder, Sun King
“Sun King exemplifies the type of proven, scalable solution we seek to support 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.”
Arul Thomas, Partner, Lightrock
