Sun King, the largest provider of solar energy products for off-grid homes in Africa and Asia, has extended its Series D round to $330m with an additional $70 million in equity investment, led by LeapFrog Investments (“LeapFrog”), the profit with purpose investment firm. Ekta Partners acted as the lead financial advisor to the Company on the transaction.
Sun King is leading a transformation in how people gain access to electricity across Africa and Asia. The company’s products have so far provided light and power to 95 million people who lacked access to reliable electricity and have prevented more than 24 million tons of carbon dioxide emissions. Sun King solar home systems are dramatically more affordable and sustainable than kerosene or new power lines, allowing customers to leapfrog electrical grids and fossil-fuel energy sources entirely.
With the new funding, Sun King plans to expand geographically and diversify its product line. It aims to develop larger solar systems with AC-electricity inverters to power appliances like refrigerators and introduce new products such as mobile phones. The investment is seen as a significant milestone for the global off-grid solar industry, enabling Sun King to scale its technology, services, and financing capabilities to meet the energy needs of billions of people.
Sun King’s Series D extension also includes additional secondary investment to complete the successful exit of all of Sun King’s prior institutional investors. Sun King’s founders retain voting control and as part of the transaction, LeapFrog will join the board, which now includes representatives of other Series-D investors General Atlantic and M&G Investments as well as Prabha Sinha, the company’s first investor.