Acumen Invests $5M in Sun King to Boost Zambia's Solar Access

Acumen, a global impact investment firm, has invested $5 million in Sun King’s Zambian subsidiary to expand its operations in the country and facilitate additional local-currency financing. This equity investment is part of Acumen’s Hardest-to-Reach (H2R) Catalyze initiative, which supports off-grid solar companies in underserved African markets.

The investment aims to help Sun King attract financing from local lenders, enabling the company to scale its operations beyond Acumen’s investment. Zambia faces a significant electricity-access gap, with nearly half of its population lacking electricity and rural access at only 33%.

Sun King is expanding its pay-as-you-go solar business to provide alternatives to the national grid. Acumen's investment is projected to help Sun King provide energy access to approximately 5.6 million people over the next five years, including 4.5 million who could gain access to electricity for the first time.

Krishna Swaroop, Chief Financial Officer at Sun King, stated that the investment provides the necessary capital and confidence for their nationwide rollout.