Sun King receives $5 million investment for Zambia solar expansion

Acumen’s Hardest-to-Reach (H2R) Catalyze initiative has provided a $5 million equity investment to Sun King’s Zambian subsidiary. This marks the first time Sun King has taken equity directly into one of its country-level businesses.

The investment aims to fund a nationwide rollout of off-grid solar solutions in Zambia and assist the company in securing local-currency financing from Zambian lenders. Sun King provides solar kits and appliances, ranging from basic lighting and phone charging tools to multi-kilowatt inverter systems for homes, schools, and health centers. The company utilizes a pay-as-you-go model, allowing customers to repay loans via mobile money over 12 to 24 months.

With this support, Sun King expects to reach nearly 5.6 million people in Zambia over the next five years, with up to 4.5 million individuals potentially gaining electricity access for the first time. The initiative addresses significant energy gaps in the country, where nearly half the population lacks electricity and rural access is approximately 33%.