Acumen Invests $5 Million to Expand Sun King’s Solar Business in Zambia

Acumen has invested $5 million in Sun King’s Zambian subsidiary as the solar energy company expands its pay-as-you-go business beyond the national electricity grid.

The equity financing was provided through Acumen’s Hardest-to-Reach Catalyze initiative, a $250 million programme focused on increasing clean-energy access across 17 underserved African markets. Acumen said the investment is intended to support Sun King’s nationwide rollout in Zambia and help the company attract additional local-currency financing from local financial institutions.

Expanding off-grid energy access

Sun King supplies solar kits and appliances, including lights, fans and televisions. Its pay-as-you-go model allows customers to spread payments over 12 to 24 months through mobile money.

The company began operating in Zambia in 2021 under the name Greenlight Planet Zambia. Sun King says it has since delivered one million solar kits in the country.

“Since launching in Zambia, we have confirmed there is tremendous unmet demand for reliable, affordable solar energy in communities the grid hasn’t reached,” said Krishna Swaroop, Sun King’s chief financial officer.

“Acumen’s investment gives us the capital and the confidence to continue our nationwide rollout,” Swaroop added.

Acumen said the investment could help Sun King provide energy access to nearly 5.6 million people over the next five years. It also said up to 4.5 million people in Zambia could gain access to electricity for the first time. These figures are projections provided by Acumen.

World Bank figures cited in the source indicate that nearly half of Zambia’s population lacks access to electricity, while rural electricity access is 33%. Hydropower accounts for 80% of the country’s electricity generation, according to the World Bank.

Focus on local financing

Sandra Halilovic, Acumen’s head of H2R Catalyze, said Sun King’s experience in other markets and demand for affordable clean energy in Zambia influenced the investment decision.

“Sun King’s proven track record across other markets, combined with the clear demand for affordable, clean energy in Zambia, gave us confidence that its model could scale quickly in this newer market,” Halilovic said.

She said the investment was structured to support the company’s expansion while encouraging local financial institutions to provide debt in local currency.

“Our investment was designed to help accelerate that scale and close the energy access gap faster, while also crowding in local currency debt from local financial institutions,” Halilovic said.

Sun King’s wider African operations

Sun King was founded in 2007 by T. Patrick Walsh and Anish Thakkar. The company operates in markets including Nigeria and Kenya.

In July 2025, Sun King secured $156 million in Kenya from commercial banks and development finance institutions, with the financing backed by future customer repayments. Three months later, it opened its first large-scale manufacturing plant in Nairobi.

Acumen’s H2R initiative has also backed off-grid energy companies in Malawi, Somalia, Benin and Uganda. In Zambia, the programme previously provided a $1.25 million impact-indexed loan to RDG Collective for solar home system inventory and solar generators. That investment is expected to provide energy access to 66,000 people and power 180 small businesses.