Sun King, the pan-African solar energy producer, has received a $70 million equity investment from LeapFrog Investments and other investors.
Sun King bills itself as Africa and Asia’s largest direct-to-consumer, pay-as-you-go solar distribution network, with services reaching more than 95 million people in both regions. The company has approximately 22 million customers in Kenya alone. According to the renewable energy distributor, its products are available in over 165,000 homes across eight African countries.
This latest investment builds on Sun King’s initial $260 million Series D round, which was led by General Atlantic’s BeyondNetZero and M&G Investments in April of this year. The extension includes $38 million in additional primary investment to support the company’s plans to bring consumer-financed solar power to the more than 1.8 billion consumers in Africa and Asia who lack access to electricity.
The company, co-founded in 2007 by CEO Patrick Walsh and Anish Thakkar, claims to have provided over $500 million in solar purchase financing 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. 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.” said Thakkar.
Read Also: Sun King Raises $260 Million in Series D Funding Round
