Acumen Invests $5M in Sun King Zambia Solar Expansion

Acumen, through its Hardest-to-Reach (H2R) Catalyze initiative, has injected $5 million in equity into Sun King's Zambian operations. This strategic investment marks a significant milestone as it's the first time Sun King has channeled capital directly into a country-specific subsidiary. The funding is earmarked for a comprehensive nationwide rollout across Zambia, aiming to bolster the company's capacity to secure local currency debt from Zambian financial institutions, thereby enabling sustained growth beyond this initial capital infusion.

The influx of capital arrives at a critical juncture for Zambia, where nearly half the population, and a substantial 67% in rural areas, still lack access to electricity, according to World Bank data. Compounding this challenge, the nation's heavy reliance on hydropower, which accounts for 80% of its energy mix, has been significantly impacted by recent severe droughts, leading to reduced output. This context underscores the vital role Sun King plays in bridging the energy access gap.

Sun King, established in 2007, specializes in the design and distribution of solar energy solutions and appliances, ranging from basic lighting and phone charging kits to more robust systems capable of powering homes, businesses, schools, and health centers. The company's customer-centric model allows for flexible repayment plans, typically spanning 12 to 24 months, with convenient daily, weekly, or monthly payments facilitated via mobile money, starting at an accessible rate of $0.26 per day. Sun King entered the Zambian market in 2021 under the name Greenlight Planet Zambia.

This investment is projected to significantly expand Sun King's reach, with expectations to impact approximately 5.6 million individuals over the next five years. Crucially, it aims to bring electricity to as many as 4.5 million Zambians who currently live without it. Krishna Swaroop, CFO of Sun King, highlighted the immense, unmet demand for affordable solar power in underserved communities, emphasizing that Acumen's investment provides both the necessary capital and the confidence to accelerate their expansion efforts.

Sandra Halilovic, head of Acumen's H2R Catalyze program, expressed confidence in Sun King's proven business model, citing its successful track record in other markets as a key factor in Acumen's decision. The structure of the deal is specifically designed to catalyze further investment by encouraging local financial institutions to provide debt financing. This approach is particularly relevant in the current global funding environment, where venture capital for solar energy saw a 40% year-on-year decline in the first half of 2026, reaching $1.5 billion.

This country-level funding follows substantial group-level capital raises for Sun King. The company secured $40 million in equity from Lightrock in 2025 and a significant $260 million Series D round in May 2022, led by General Atlantic's climate-focused fund, BeyondNetZero. The current investment from Acumen demonstrates continued investor confidence in Sun King's mission to deliver essential energy services to off-grid populations.