Acumen’s Hardest-to-Reach (H2R) Catalyze initiative has invested $5 million in the Zambian subsidiary of Sun King, an off-grid solar company. This marks the first time Sun King has accepted equity directly into one of its country-level businesses.
The funding will support Sun King’s nationwide rollout in Zambia, enabling it to secure local-currency loans from Zambian lenders and expand its operations beyond Acumen’s initial investment.
Sun King, founded in 2007 by T. Patrick Walsh and Anish Thakkar, provides solar kits and appliances to off-grid households and small businesses. Their products range from basic lighting and phone charging kits to multi-kilowatt inverter systems for larger establishments.
Customers purchase these systems through loans, repaying them over 12 to 24 months with daily, weekly, or monthly payments as low as $0.26 per day via mobile money. Sun King entered the Zambian market in 2021 under the name Greenlight Planet Zambia.
According to the World Bank, approximately half of Zambians lack access to electricity, with rural access at 33%. Zambia’s electricity grid relies heavily on hydropower, which has been affected by severe droughts in recent years, reducing output.
Acumen anticipates that this investment will help Sun King reach nearly 5.6 million people over the next five years, including up to 4.5 million Zambians who will gain access to electricity for the first time.
Sun King’s CFO, Krishna Swaroop, highlighted the strong demand for affordable solar solutions in off-grid communities. The investment from Acumen provides the necessary capital and confidence to continue their nationwide rollout.
Sandra Halilovic, head of H2R Catalyze, expressed confidence in Sun King’s ability to scale quickly in Zambia, citing its successful track record in other markets. The deal is structured to attract local-currency debt from Zambian institutions.
This investment follows larger funding rounds for Sun King, including a $40 million equity raise from Lightrock in 2025 and a $260 million Series D round led by General Atlantic’s climate vehicle BeyondNetZero in May 2022.
The solar industry, however, has experienced a decline in VC funding, with a 40% drop year-over-year to $1.5 billion in the first half of 2026.
