Day: April 27, 2022

NAIROBI, Kenya, April 27, 2022 /PRNewswire/ — Today, Sun King, the largest provider of solar energy products for off-grid homes in Africa and Asia, announced it has raised $260 million in Series D funding, led by BeyondNetZero, the climate investing venture of General Atlantic, a leading global growth equity firm, along with M&G Investments’ Catalyst team and Arch Emerging Markets Partners. Founded in 2007 as Greenlight Planet, the company recently rebranded as Sun King, the name under which its products have long been sold.

Sun King is leading a transformation in how electricity is provided across Africa and Asia, where 1.8 billion people still lack access to a reliable electrical grid. To date, Sun King has powered the lives of 82 million people across 40 countries. The company’s solar home systems power lights, mobile phones, radios, and larger home appliances. Sun King systems are dramatically more affordable and sustainable than kerosene or new power lines, allowing customers to leapfrog electrical grids and fossil-fuel energy sources entirely.

Today, Sun King operates the world’s largest direct-to-consumer, pay-as-you-go (PAYG) solar distribution network, growing at a rate of 150,000 new clients per month across seven countries. In Kenya, one in five people use Sun King today, with 18 million Kenyans having benefited over a decade of operations. In Nigeria, the company’s user base has tripled in the past year alone. While growing rapidly, the company has remained consistently profitable.

Sun King now accounts for 38% of total industry-wide PAYG solar revenue according to the latest data collected by GOGLA, the global association for the off-grid solar energy industry. As a result of Sun King’s growth, the company has eliminated 22 million tons of carbon dioxide emissions while saving consumers $4.4 billion in energy costs.

The $260 million financing includes $100 million in primary investment for Sun King’s continued expansion. Sun King’s founders retain voting control of the board. In addition to the company’s plans for continued geographical expansion, the funds will also be allocated towards product-line expansion, including larger solar systems equipped with AC-electricity inverters (capable of powering larger appliances like refrigerators) and new products such as mobile phones.

“This investment in Sun King marks an incredible inflection point for the global off-grid solar industry,” said T. Patrick Walsh, co-founder, and CEO of Sun King. “Over the last 15 years, we have delivered solar energy and light to over 82 million people, enabling kids to study for school, helping entrepreneurs run small businesses, and allowing families to power their lives, free from the danger and high cost of kerosene lanterns. This landmark investment allows us to continue scaling our technology, service, and financing capabilities so we can meet the needs of the next billion energy consumers.”

“Sun King is leading a global transformation in the way we provide electricity to consumers in Africa and Asia,” said Sun King co-founder Anish Thakkar. “It’s now dramatically more affordable to power a home with a solar system than to extend the electrical grid: for less than the cost of a single electrical pole, we can install an entire solar energy system in-home. This funding will further unlock our ability to scale this revolution to the 1.8 billion people who need these products today, and the next billion who will need them tomorrow.”

“BeyondNetZero is excited to back Sun King, an industry-leading company that offers consumers accessible and affordable solar products, supported by fair and sustainable business practices,” said Eli Aheto, Managing Director on the BeyondNetZero team at General Atlantic. “We look forward to partnering with the company and its leadership as they bring innovative and affordable off-grid solar products to new markets and continue to grow their meaningful contribution to the global net zero transition.”

Ekta Partners acted as lead financial advisor for this transaction. Goodwin Procter LLP provided legal counsel to Sun King, and Freshfields provided legal counsel to BeyondNetZero.

About Sun King
Sun King is the world’s largest off-grid solar energy company, serving the 1.8 billion people across Africa and Asia who lack access to reliable electricity. Through innovative product design, affordable pay-as-you-go financing, and a grassroots field team of 15,000 agents providing installation and service, Sun King has powered the lives of over 82 million people. Founded in 2007 as Greenlight Planet, Sun King sets the gold standard for off-grid solar technology as part of its mission: powering access to brighter lives. For more information, please visit: www.sunking.com.

About BeyondNetZero
BeyondNetZero is the climate investing venture of General Atlantic, a leading global growth equity firm. BeyondNetZero invests in growth companies delivering innovative climate solutions that have the potential to meet and exceed net zero emissions targets, with a focus on decarbonization, energy efficiency, resource conservation and emissions management. This venture combines General Atlantic’s growth equity experience and global network with a team of experienced climate investors, advisors and industry executives who bring decades of experience in both addressing climate-focused problems and building pioneering growth companies. For more information on BeyondNetZero, please visit: https://beyond-net-zero.com.

About General Atlantic
General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $84 billion in assets under management inclusive of all products as of December 31, 2021, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore, and Stamford. For more information on General Atlantic, please visit: www.generalatlantic.com.

About M&G Investments
M&G Investments’ Catalyst strategy is investing up to £5 billion into innovative privately-owned global businesses working to create a more sustainable world. For over ninety years M&G Investments has been helping its customers to prosper by putting investments to work, which in turn creates jobs, homes, and vital infrastructure in the real economy. Its investment solutions span equities, fixed income, multi asset, cash, private debt, infrastructure, and real estate. M&G Investments is part of M&G plc, a FTSE-100 listed company with over £370 billion of assets under management (as of 31 December 2021), and customers in the UK, Europe, the Americas, and Asia, including individual savers and investors, life insurance policy holders and pension scheme members.

Contact: Jackie Zupsic – jzupsic@tuskstrategies.com

Charles Yang, Senior Vice President of Huawei and CEO of Huawei Data Center Facility Team, said in his opening remarks that as we enter the intelligent era and carbon neutrality has become the global shared mission, data centers will see changes in the service form, energy supply, and operation and maintenance models. Huawei Data Centre Facility Team will embrace the changes by optimizing organizational structure, continuously investing in innovation, and building a healthy business ecosystem to drive the sustainable development of the data center industry.

Green data centers play a critical role in achieving net-zero goals. In pursuit of green and low-carbon data centers, Huawei believes that data center facilities need to go green throughout the life cycle. It means the facility features a green construction with a prefabricated modular architecture, a green cooling solution to lower PUE, a green power supply with ultra-high power density, and AI-enabled green management.

When it comes to the role of green ICT playing in Europe’s path to decarbonization, He Bo, President of Huawei Digital Power Western Europe, pointed out that low-carbon ICT infrastructure, such as data centers, will play an important role to support for Europe to achieve the goal of “Carbon Neutrality by 2050” in the future. By integrating digital and power electronics technologies, Huawei provides innovative solutions such as fast delivery, extreme PUE, and centralized energy storage to create low-carbon data centers and contribute to a greener world.

In his keynote on Next-Generation DC, Sanjay Kumar Sainani, Global Senior Vice President and Chief Technology Officer (CTO) of Huawei Data Center Business noted that we envision the next generation center to be converged, low carbon, and smart. Four innovations – Bit innovation, Watt innovation, Heat innovation, and Architecture innovation – will support future-oriented, sustainable data centers.

Other industry experts also shared their insights into how to power the green and digital transition of the data center industry at the event. Simon McCormick, CTO of Echelon, introduced their digital transformation path towards carbon neutrality.

Kim Gunnelius, COO and Co-founder at Ficolo, talked about operating data centers with 100% green power and lower PUE, and enabling the industry to reduce its carbon footprint through data centers.

Xavier Matagne, CTO of Africa Data Centres, highlighted that modular and prefabricated construction excels at high quality, easy site management, low risk, and green site operation compared with traditional solutions.

Prescott Augustus GAYLORD, Senior Vice President and Head of Sustainability at DBS, shared practices in achieving decarbonization and digitalization from a financial institution perspective.

Highlights at Datacloud Global Congress 2022

Huawei Digital Power showcased low-carbon, smart data center solutions and joined conversations around the trends that will shape the data center industry at Datacloud Global Congress 2022, the leading event in the data center and ICT sectors that was held in Monaco from 25-27 April.

Huawei exhibited the low-carbon, smart data center solutions at the booth, including the PowerPod+Smart Li power supply system for improved energy efficiency, the indirect evaporative cooling solution for the minimized use of potable water, and the smart modular DC for fast deployment and flexible scalability.

Reducing the carbon footprint of power-consuming data centers holds the key to mitigating climate change. Huawei has officially joined the IMasons Climate Accord (ICA), a coalition designed to govern a methodology to measure and reduce the carbon in infrastructure through products, power, and materials, to highlight its commitment to a low carbon, smart society.

Moving forward, Huawei will cooperate closely with partners such as consulting, design, engineering companies, and suppliers, to build an open and win-win industrial ecosystem and promote the sustainable development of the data center industry.

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