Sun King, a solar energy company that helps power off-grid homes in Africa and Asia has raised $260 million in Series D funding. The company is one of the largest solar power solutions providers in Africa and Asia. It was previously known as Greenlight Planet.
According to the company, about $100 million of the funding will be used to expand its pay-as-you go program. This program allows households to acquire products at a small initial fee and pay in small installments over a period of time. The funds will also facilitate innovation of larger products that can power larger appliances such as refrigerators. The current products are best-suited to power lights, mobile phones and small appliances like TVs.
Patrick Walsh, Co-Founder and CEO of Sun King, said, “This historic investment will enable us to continue scaling our technology, service, and financing capabilities in order to meet the demands of the next billion energy customers.”
The company was founded in 2007 by T. Patrick Walsh (CEO) and Anish Thakkar and operates in more than 40 countries. In Kenya, one of the company’s earliest markets, more than 18 million people are said to have benefited from its products.
“Over the last 15 years, we’ve provided solar energy and light to more than 82 million people, allowing children to study, entrepreneurs to run small businesses, and families to power their life without the danger and expensive cost of kerosene lamps.”
This round of funding was led by BeyondNetZero, the climate investing venture of General Atlantic, with participation from M&G Investments’ Catalyst and Arch Emerging Markets Partners.
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