Sun King, a solar energy company that helps power off-grid homes in Africa and Asia, has raised $260 million in its Series D funding round.
Investors who took part in this round of include BeyondNetZero, the climate investing venture of General Atlantic, M&G Investments’ Catalyst, and Arch Emerging Markets Partners.
The company says it will use about $100 million of the funding to expand its pay-as-you go program, which allows homes to acquire products at a small initial fee and pay in small instalments over a set period of time.
The funding will also help in facilitating the innovation of larger products that can power larger appliances such as refrigerators. The current products are best-suited to power lights, mobile phones, as well as small appliances like TVs.
Founded in 2007, Sun King operates in more than 40 countries. In Kenya, one of its earliest markets, more than 18 million people are said to have benefited from its products.