Acumen backs Sun King with $5 million to expand solar access in Zambia

Acumen, a global impact investment firm that backs businesses serving low-income communities, has invested $5 million in Sun King’s Zambian subsidiary to expand the off-grid solar company’s operations in the country and help it raise additional local-currency financing.

The equity investment, made through Acumen’s Hardest-to-Reach (H2R) Catalyze initiative, which backs off-grid solar companies operating in underserved African markets, is intended to help Sun King attract financing from local lenders, allowing the company to scale beyond Acumen’s investment.

The investment comes…