Pan-African producer of solar energy Sun King has raised $70 million equity investment from LeapFrog Investments and other investors.
Sun King is touted as the largest direct-to-consumer, pay-as-you-go solar distribution network in Africa and Asia, with its services reaching more than 95 million people across the two regions. In Kenya alone, the company has a customer base of about 22 million people. The renewable energy distributor says that its products are available in more than 165,000 homes in eight African countries.
This recent investment is an extension of Sun King’s initial $260m Series D, which was led by General Atlantic’s BeyondNetZero and M&G Investments in April this year. The extension includes $38m of additional primary investment which will support the company’s plans to make consumer-financed solar power available to the more than 1.8 billion consumers across Africa and Asia who do not have access to electricity.
The company which was co-founded in 2007 by CEO Patrick Walsh and Anish Thakkar says it has provided more than $500 million in solar purchase finance through a network of over 20,000 field agents, 36% of whom are women.
“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.”