Acumen backs Sun King with $5 million to expand solar access in Zambia

Global impact investment firm Acumen has allocated $5 million to Sun King's Zambian subsidiary through its Hardest-to-Reach (H2R) Catalyze initiative. This investment aims to expand Sun King's operations in off-grid solar in Zambia and assist the company in securing additional local-currency financing. The initiative targets underserved African markets and seeks to bridge the gap in electricity access.

Zambia, which relies heavily on hydropower for its electricity generation, faces a significant challenge in closing the electricity-access gap. Nearly half of the country's population, or 33% of rural inhabitants, still lack access to electricity. Sun King, a company founded in 2007 by T. Patrick Walsh and Anish Thakkar, designs and distributes solar kits and appliances to off-grid households and small businesses.

The company has delivered one million solar kits in Zambia since its inception in 2021 under the name Greenlight Planet Zambia. The $5 million investment will enable Sun King to provide energy access to approximately 5.6 million people over the next five years, including up to 4.5 million previously unconnected individuals. Sun King's pay-as-you-go model allows customers to pay for its systems over 12 to 24 months through mobile money, making solar energy more accessible.

Acumen's investment is part of its $250 million Hardest-to-Reach Catalyze programme, which aims to expand clean-energy access across 17 African markets. Sandra Halilovic, Head of H2R Catalyze at Acumen, expressed confidence in Sun King's ability to scale its model quickly in Zambia, leveraging the company's proven track record in other markets and the clear demand for affordable, clean energy in Zambia.