How Pay-As-You-Go solar can unlock energy equity in Africa
Sun King blends PAYG technology, local-currency finance, and carbon credits to electrify and clean-cook millions of homes across Africa and Asia.
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Skander here.
1.5 billion people lack reliable grid power, forcing them to spend up to 10% of income on dirty fuels and lighting.
Sun King is replacing that reality at scale: 23 million solar products sold in 2023, serving 40 million customers in 42 countries, and targeting 50 million units by 2026.
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🌊 Let’s dive in
Free readers get the basics: Our take, 1 sentence pitch, Description, Funding, Problem, Market, and Impact.
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Company Breakdown: Sun King
Sun King blends PAYG technology, local-currency finance, and carbon credits to electrify and clean-cook millions of homes across Africa and Asia.
🌊 The Climate Drift Take
Off-grid solar remains the fastest, most scalable way to bring clean energy to billions without electricity. Sun King’s combination of pay-as-you-go repayment models, local-currency debt financing, and carbon-credit monetization sets a new standard for scaling energy access while managing financial risks in volatile markets.
The company’s expanding portfolio, including clean LPG cookstoves from its PayGo Energy acquisition, also unlocks significant climate and health co-benefits.
🚀 1 Sentence Pitch
Sun King designs, finances, and distributes solar home energy systems and clean-cooking appliances on pay-as-you-go terms, enabling millions of low-income off-grid customers in Africa to access reliable, clean electricity and cooking solutions.
⚡ Company Description
TLDR: Founded in 2008 as Greenlight Planet’s flagship PAYG brand, Sun King has become the largest off-grid solar provider, reaching over 40 million people in 42 countries. Products span handheld lamps, multi-room home systems, and LPG cookstoves.
The company has grown to serve over 40 million customers in 42 countries with a network of 29,500 agents. Their product range spans from handheld solar lamps to multi-room home solar kits and clean LPG stoves, all designed for affordability and durability.
Offering flexible payment plans as low as $0.21/day via mobile money or cash, Sun King has extended $1.2 billion in customer loans to date
💸 Funding Raised
TLDR: Sun King has secured over $600 million in equity and debt since 2022, blending concessional and commercial finance to de-risk expansion.
Since 2022, Sun King has secured over $600 million in a mix of equity and debt to drive growth and de-risk expansion. Highlights include a $330 million Series D led by General Atlantic and LeapFrog, an $80 million fully Naira-denominated local currency debt facility structured by IFC and Stanbic IBTC Bank for Nigeria, and a landmark $156 million Kenyan securitization to finance solar sales to over one million Kenyan households.
❓ Problem
TLDR: 1.5 billion people lack reliable grid power, forcing them to spend up to 10% of income on dirty fuels and lighting.
1.5 billion people lack reliable electricity, largely in rural and low-income settings where grid extension is slow or impossible. High upfront solar costs and currency exchange volatility remain key barriers.
Additionally, traditional cooking methods cause significant indoor air pollution and contribute to global CO₂ emissions.
🌍 Market
TLDR: Off-grid solar & clean cooking market projected to reach $10 billion by 2030, driven by falling hardware costs and rising carbon-credit premiums.
The off-grid solar and clean cooking market is projected to reach $10 billion by 2030, driven by falling hardware costs and increasingly valuable carbon credits. Africa alone has nearly 600 million people without reliable power, while many more in Asia live off-grid or under unreliable supply. PAYG solar has demonstrated 35% annual growth in recent years, especially in core markets like Nigeria and Kenya, where Sun King is expanding rapidly.
🌱 Climate Impact & Potential
TLDR: Sun King’s products have prevented 49.7 million tCO₂e and can abate over 100 million tCO₂e by 2030.
Sun King products have already avoided nearly 50 million tons of CO₂e emissions by displacing kerosene lamps and polluting cooking fuels. The company aims to abate over 100 million tons by 2030 through scaling solar kits and clean LPG cookstoves that reduce indoor air pollution and fossil fuel use, facilitated by verified carbon financing mechanisms.
