Nairobi-based off-grid solar firm Sun King has received a $5 million Series D equity investment from Acumen's Hardest-to-Reach Catalyze programme. The funds will be used to launch Sun King's pay-as-you-go rollout in Zambia. This investment marks Acumen's first country-level equity stake in Sun King. Sun King is a leading off-grid solar provider headquartered in Nairobi.
The financing is part of Acumen's Hardest-to-Reach (H2R) Catalyze initiative, which has mobilized nearly $250 million across 17 sub-Saharan African nations. The programme earmarks $60 million for equity, debt, grants, and technical assistance. The equity investment aims to attract local-currency debt from Zambian financial institutions. This approach will enable Sun King to expand its operations in Zambia.
According to Sandra Halilovic, head of H2R Catalyze at Acumen, the investment will accelerate Sun King's scale in Zambia and close the energy-access gap. The investment will also draw local-currency financing from Zambian banks. Sun King plans to replicate the financing model that underpins its pay-as-you-go solar business in other African markets.
Sun King's pay-as-you-go solar business model allows customers to purchase home systems through instalment payments backed by local-currency debt. The company previously completed a $156 million local-currency securitization in Kenya in 2025. This financing model packages future customer repayments into assets that can be funded by banks and development finance institutions.
The Zambian expansion could reach nearly 5.6 million people over the next five years, potentially bringing electricity to 4.5 million first-time users. Acumen's investment in Sun King is expected to have a significant impact on Zambia's energy landscape. Zambia's broader energy agenda includes a Presidential Solar Initiative targeting 1,000 MW of new solar capacity.
Sun King's distributed pay-as-you-go systems aim at households and businesses not connected to the national grid. The company's off-grid solar solutions will provide energy access to communities in Zambia that currently lack electricity. Sun King's expansion in Zambia is part of its strategy to become a leading provider of off-grid solar solutions in Africa.
The investment from Acumen's Hardest-to-Reach Catalyze programme will enable Sun King to achieve its growth plans in Zambia. Sun King's management team will work closely with Acumen to implement the pay-as-you-go solar rollout in Zambia. The partnership between Sun King and Acumen is expected to drive economic growth and improve living standards in Zambia.
Key points
- Sun King receives $5 million equity investment from Acumen to launch pay-as-you-go solar rollout in Zambia.
- The investment aims to reach nearly 5.6 million people in Zambia over the next five years.
- Sun King plans to replicate its financing model in other African markets.
