M&G has taken part in a $260m (€247.4m) fundraise by Sun King, the largest provider of solar energy products for off-grid homes in Africa and Asia.

M&G said Sun King has raised the capital in Series D financing to continue its geographic and product line expansion. M&G’s investment has been made by its catalyst strategy.

Sun King operates the world’s largest direct-to-consumer, pay-as-you-go solar distribution network. The company has powered the lives of 82m people across 40 countries with solar energy – powering lights, mobile phones, radios, and larger home appliances.

T Patrick Walsh, co-founder and CEO of Sun King, said: “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.”

Alex Seddon, head of M&G’s catalyst team, said: “Catalyst is delighted to support the growth of such a purposeful business, aligning with our aim to help create a more sustainable world.

“Sun King is using innovation to improve the lives of underserved people, making powerful positive impact for communities in Africa and Asia as well as helping tackle climate change.”

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