Off-grid solar specialist Sun King has raised US$260 million in a Series D funding round aimed to expand global access to affordable solar energy across Africa and Asia.
Alongside a planned expansion, with US$100 million allocated to that purpose, the provider will also invest in expanding its product line, including larger solar systems equipped with AC inverters.
The Series D round was led by equity firm BeyondNetZero, the climate investment venture of General Atlantic, along with participation from M&G Investments’ Catalyst and Arch Emerging Markets Partners.
T. Patrick Walsh, co-founder and CEO of Sun King, said: “This investment in Sun King marks an incredible inflection point for the global off-grid solar industry.
“This landmark investment allows us to continue scaling our technology, service, and financing capabilities so we can meet the needs of the next billion energy consumers.”
Last month, Wood Mackenzie published a report that outlined the electrification of the Sub-Saharan Africa would require an investment of US$350 billion by 2030 with a focus on decentralised bottom-up, solar-and-storage grids.