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Sun King has closed a $40 million equity round to accelerate the deployment of solar kits across sub-Saharan Africa, CEO T. Patrick Walsh tells Axios Pro.

Why it matters: Off-grid solar is leapfrogging the grid for the 600 million Africans who don't have an electricity connection. 

Zoom in: Lightrock, a firm created by Liechtenstein Prince Max von Liechtenstein, provided the financing. 

Sun King plans to use the financing to grow the number of its agents that sell its products from 45,000 to 90,000 and the shops that sell its products from 470 to 1,650.

By the numbers: Sun King says it has now delivered 29 million solar products, serving 50 million people. 

It aims to deploy another 50 million solar products by 2030, that it hopes will serve 200 million people.

The company says it went from selling 10,000 solar kits a month in 2017 to more than 330,000 per month today. It's working to expand to 1 million solar kits each month by 2030 to meet the energy needs of at least 200 million people.

How it works: Sun King, which has a major hub in Nairobi, Kenya, makes and installs solar products, like a kit with panels, a battery, a fan and an efficient light. 

The company makes a range of kits, from a very basic one that has a solar lantern, to bigger solar panels installed on a roof that can power all of a home's electricity needs. 

Sun King, founded in 2007, provides the upfront financing, and to date has provided $1.4 billion in customer financing. Customers pay-as-they-go for the electricity. 

Because solar panels and batteries have become so low cost, the solar kits can significantly lower the cost of energy access, compared to kerosene, battery-powered flashlights or paying a third party per mobile phone charge. 

Follow the money: Walsh says that the company has a securitization in Kenya, which he says "is really unusual." 

The solar industry "is really attracting some best-in-class financing for the continent," Walsh says. 

Sun King previously closed $740 million in a combination of debt and equity.

State of play: Other companies developing off-grid solar products for Africa include d.light and Husk Power. 

What's next: Sun King has set an ambitious growth plan and will need to execute on it to reach that type of scale. 

Exclusive: Sun King closes $40M to expand off-grid solar

The company has a goal to reach 200 million users by 2030.

Man in black coveralls and yellow helmet installing a solar panel on a silver metal roof with green trees and hills in the background under a partly cloudy sky.

A solar panel from Sun King is installed on a rooftop in sub-Saharan Africa. Photo: Courtesy of Sun King.

Sun King has closed a $40 million equity round to accelerate the deployment of solar kits across sub-Saharan Africa, CEO T. Patrick Walsh tells Axios Pro.Why it matters: Off-grid solar is leapfrogging the grid for the 600 million Africans who don&#x27;t have an electricity connection.

Exclusive: Sun King closes $40M to expand off-grid solar

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