Acumen’s H2R Catalyze Initiative Invests $5 Million in Sun King’s Zambia Subsidiary to Accelerate Rural Electrification

LUSAKA — Acumen’s Hardest-to-Reach (“H2R”) Catalyze initiative has closed a $5 million equity investment in Sun King’s Zambia subsidiary.

The injection marks the first equity investment into one of Sun King's country-level operating businesses, designed to fuel nationwide expansion in a market heavily impacted by severe droughts and constrained hydropower generation.

Expanding Off-Grid Solar Access in Zambia

Sun King designs, manufactures, and distributes solar solutions ranging from entry-level lighting kits to multi-kilowatt inverter systems. Through its Pay-As-You-Grow financing model, customers can acquire systems via mobile money installments starting at $0.26 a day.

With Acumen's backing, the company expects to electrify nearly 5.6 million people over the next five years, bringing first-time electricity access to up to 4.5 million individuals across Zambia.

"Since launching in Zambia, we have confirmed there is tremendous unmet demand for reliable, affordable solar energy in communities the grid hasn’t reached," noted Krishna Swaroop, Chief Financial Officer at Sun King. "Acumen’s investment gives us the capital and the confidence to continue our nationwide rollout."

Crowding in Local Currency Financing

Zambia represents a key target market for Acumen's $250 million H2R initiative, which targets 17 underserved African geographies to achieve universal clean energy access.

"Sun King’s proven track record across other markets, combined with the clear demand for affordable, clean energy in Zambia, gave us confidence that its model could scale quickly in this newer market," stated Sandra Halilovic, Head of H2R Catalyze. "Our investment was designed to help accelerate that scale and close the energy access gap faster, while also crowding in local currency debt from local financial institutions."

Acumen invests $5M in Sun King to scale solar energy access in Zambia

Acumen’s Hardest-to-Reach Catalyze initiative has closed a $5M equity investment in Sun King’s Zambia subsidiary, expected to electrify nearly 5.6 million people—up to 4.5 million for the first time—while crowding in local-currency debt.

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