Apis Growth Fund I,  a private equity fund managed by Apis Partners, has partially exited its position in off-grid solar energy company Sun King, formerly Greenlight Planet.

Sun King has announced a $260m Series D capital raise, with investment led by BeyondNetZero, the climate investing venture of General Atlantic.

As part of this transaction Apis Growth Fund I sold the majority of its stake in the Company.

The Fund continues to hold a stake in Sun King and Apis Partners will remain supportive of the future growth plans of the company, which include continued geographical and productline expansion, including larger products such as solar systems equipped with AC-electricity inverters (capable of powering large appliances like refrigerators) and new products, for example mobile phones.

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 and are dramatically more affordable and sustainable than kerosene or new power lines, allowing customers to leapfrog electrical grids and fossil-fuel energy sources entirely.

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.

Since Apis’s investment in 2017, the company has grown over 5X, with annualised revenue now exceeding $200m.

In addition, since launching the PAYG segment the same year as the Fund’s investment, the company has captured 38% of total market share in the global PAYG industry.

Udayan Goyal, Co-founder and Managing Partner at Apis Partners, said: “When we invested in the company in 2017, it sold 27k PAYG units that year; this has increased to 1.2M units sold in 2021. This is just one example of the company’s growth since our investment, and we are very pleased to have helped and advised the team along the way. Our investment in Sun King is one we are exceptionally proud of, and we are thrilled to be continuing the relationship.”

T. Patrick Walsh, Co-founder and CEO at Sun King, added: “The Apis team have been great partners these past five years, understanding the needs of Sun King customers and believing in our team every step of the way.”