Venture Capital: Solar Energy Provider Sun King Raises $260M

Formerly known as Greenlight Planet, Sun King plans to use the funds to rapidly and sustainably bring electricity access to more homes across Africa and Asia.

Sun King, the world’s largest off-grid solar energy company that has powered the homes of over 82 million people across Africa and Asia, announced its $260 million Series D raise led by BeyondNetZero, the climate investing venture of General Atlantic, along with M&G Investments’ Catalyst team and Arch Emerging Markets Partners. (Sun King)

Sun King provides solar home systems that power lights, mobile phones, radios, and larger home appliances. These are highly affordable, can be quickly installed, and replace fossil fuels such as kerosene.

The startup is also the world’s largest direct-to-consumer, pay-as-you-go (PAYG) solar distribution network. Consistently profitable, it is adding 150,000 new clients per month across its footprint of seven countries. Its products have eliminated 22 million tons of carbon dioxide emissions while saving consumers $4.4 billion in energy costs.

Sun King will use the new funds to expand its geographical reach, product lines, and new products including mobile phones.

“It’s now dramatically more affordable to power a home with a solar system than to extend the electrical grid: for less than the cost of a single electrical pole, we can install an entire solar energy system in-home,” said Sun King co-founder Anish Thakkar. “This funding will further unlock our ability to scale this revolution to the 1.8 billion people who need these products today, and the next billion who will need them tomorrow.”

Related Story: SunFunder Raises $70M For Its Solar Energy Transformation (SET) Fund

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