Sun King, the off-grid solar energy company, has secured a significant $40 million equity investment from Lightrock, a global sustainable investment platform. The fresh capital is a major boost to Sun King’s mission to deliver reliable, clean, and affordable electricity to 200 million people across Africa and Asia by 2030.
The equity injection—a rare occurrence in a sector often reliant on debt financing—signals strong investor confidence in Sun King’s proven scale, Pay-As-You-Go (PAYG) model, and long-term vision to build a decentralised energy utility for the world’s unelectrified populations.
Scaling the Last Mile: Infrastructure & Workforce Targets
The funding will primarily be deployed to dramatically scale the company’s physical distribution and service network across its 11 operating countries in Africa.
Key operational goals the funding supports include:
- Retail Network Expansion: Growing Sun King’s network of shops from approximately 470 locations today to roughly 1,650 by 2030.
- Agent Workforce Doubling: Increasing its field agent workforce from 45,000 to nearly 90,000 agents across the African continent to manage last-mile sales, installation, and customer support.
- Massive Deployment Target: Sun King aims to deploy over 50 million additional solar kits by 2030, which translates to a clean energy solution for 200 million people.
“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. “We are working to expand to one million solar kits each month by 2030, and this investment is part of the overall financing required to reach that operational scale.”
Beyond Lighting: The Product Innovation Roadmap
The new capital will also accelerate Sun King’s product innovation, moving beyond basic solar lighting and phone charging kits into higher-capacity systems and energy-efficient appliances.
The company is expanding its portfolio to include essential appliances that enhance productivity, health, and resilience for low-income households:
- Cold Storage: Energy-efficient refrigerators to reduce food spoilage.
- Connectivity: Smartphones to enhance digital inclusion and economic participation.
- Clean Cooking: Development of pay-as-you-go clean-cooking technologies to replace harmful and expensive fuels like kerosene.
- Productive Use: Larger multi-kilowatt inverter systems and appliances for small businesses, such as milling machines and water pumps.
Market Impact: Equity Signals Confidence in the PAYG Model
The $40 million equity raise is notable, given that off-grid solar companies often rely on debt to finance customer loans (PAYG models). The decision by Lightrock, a key player in the impact investing space, to provide flexible equity capital underscores the maturity and robust unit economics of Sun King’s business model.
Arul Thomas, Partner at Lightrock, commented, “Sun King exemplifies the type of proven, scalable solution we seek to support. 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… to address the critical global challenge of energy access.”
By replacing harmful kerosene and diesel with clean, decentralised solar power, Sun King is on track to deploy 3.8 GW of new solar capacity by 2030—an output comparable to three large African coal power stations—delivered directly to households and businesses without grid dependence.
