EKTA Partners acted as exclusive financial advisor to Sun King on its $40m equity raise with Lightrock.
December 2025 – Sun King, the world’s largest off-grid solar energy company, has raised $40 million in equity financing from Lightrock, a global sustainable investment platform. EKTA Partners acted as exclusive financial advisor to the Company on the transaction.
This transaction further cements EKTA’s strong track record in Climate Tech and in Emerging Markets. This partnership builds upon our success advising Sun King on its landmark $330m equity raise in 2022 – one of the largest ever African tech fundraises.
The investment will support Sun King’s expansion of decentralised solar energy systems across Africa and Asia, and the company’s continued development of new products catering to the needs of underserved households and businesses in these regions.
Expanding Access to Solar Power
Over the past 18 years, Sun King has built a scaled distributed energy utility model that combines energy generation, energy-efficient appliances, installation, and consumer financing in a single integrated offering, now serving over 50 million people with power and light. The company’s wide range of solar systems serve individual households, businesses, and institutions that have no or unreliable access to grid power. The products range from hyper-affordable solar kits for basic home lighting and phone charging, to multi-kilowatt solar inverter systems that power large residences, schools, health clinics, farms, and commercial facilities.
Sun King has delivered 29 million solar products globally since 2007, catering to the needs of the underserved; 67% of customers previously had no access to electricity. Sun King’s pay-as-you-go model enables customers to buy solar systems with 12–24 months of purchase financing. This makes solar accessible for as little as $0.15-$0.20 per day, lowering the upfront cost that keeps low-income households and businesses locked out of reliable electricity. To date, the company has provided $1.4 billion in customer financing across Africa, replacing demand for polluting and health-damaging fossil fuels, including kerosene and diesel fuel.
Building on its model for affordable solar kits, Sun King is expanding into the energy-efficient appliances its customers rely on most: fans, smartphones, and refrigerators, for example. These technologies help customers overcome barriers to connectivity, cold storage, and everyday comfort by giving customers access to the essential appliances that enable participation in the digital economy, improve resilience to rising temperatures, and strengthen livelihoods and health. The company makes these products affordable through pay-as-you-go financing and supports them through a service network of more than 470 shops and 35,000 field agents.
“Lightrock brings a deep understanding of our customers’ needs and a clear commitment to expanding access to energy,” said T. Patrick Walsh, CEO and Co-Founder of Sun King. “Sun King has grown from delivering 10,000 solar kits a month in 2017 to more than 330,000 each month today. We are working to expand to one million solar kits each month by 2030 to meet the basic energy needs of, at least, 200 million people, and this investment is part of the overall financing required to reach that operational scale.”
Scaling Distribution, Installation, and Service Capacity
Sun King aims to deploy more than 50 million additional solar kits by 2030, extending clean, reliable electricity to 200 million people. This expansion will be supported by a significant scale-up of the company’s retail and field operations.
Between 2025 and 2030, Sun King plans to grow its network of shops from 470 today to approximately 1,650 and increase its agent workforce from 45,000 at present to, approximately, 90,000 across the African continent. Sun King’s agents are responsible for last-mile sales, installation, customer support, and product servicing, forming one of Africa’s largest clean-energy distribution and service networks.
Sun King currently operates in 11 African countries and intends to deepen its presence in these markets, while entering new geographies where energy-access needs remain acute. Across Africa, over 600 million people still have no access to electricity.
Arul Thomas, Partner at Lightrock, added “Sun King exemplifies the type of proven, scalable solution we seek to support at Lightrock. The team’s execution ability in growing to serve 50 million people is truly laudable, and we are delighted to partner with them as they continue expanding their customer offering, operations, and international presence to address the critical global challenge of energy access.”
Driving Product Innovation and Solar Deployment
The new capital will enable Sun King to expand its product portfolio, leveraging advances in solar, control electronics, and battery science to deliver higher-capacity, more cost-effective systems. Sun King plans to deploy 3.8 GW of new decentralised solar capacity by 2030 — roughly equivalent to the output of three large African coal power stations — delivered directly to households and businesses without reliance on grid infrastructure.
The capital will also support the development of new energy solutions beyond Sun King’s existing solar portfolio, including pay-as-you-go clean-cooking technologies and smartphones as well as productive-use appliances for refrigeration and milling. These solutions are designed to improve health, strengthen local food systems, as well as boost household and small-business incomes.
Ekta Partners acted as the exclusive financial advisor for this transaction.