April 28 (Renewables Now) – Off-grid solar products provider Sun King, previously called Greenlight Planet, on Wednesday said it has raised USD 260 million (EUR 248m) in series D funding to bring electricity to more homes across Africa and Asia.
The funding round was led by BeyondNetZero, the climate investing venture of growth equity firm General Atlantic, together with M&G Investments’ Catalyst team and Arch Emerging Markets Partners.
Sun King says it runs the world’s largest direct-to-consumer, pay-as-you-go (PAYG) solar distribution network, which is adding 150,000 clients per month across seven countries. The company offers solar home systems that power lights, mobile phones, radios and larger domestic appliances.
The new financing will be used for continued geographical expansion, as well as product-line expansion, including larger solar systems with alternating current (AC)-electricity inverters that can power bigger appliances like refrigerators, and new products such as mobile phones.
Set up in 2007, the company says it has so far provided solar energy to more than 82 million people across 40 countries.
(USD 1 = EUR 0.954)
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