Sun King, in partnership with the International Finance Corporation (IFC) and Stanbic IBTC Bank, has secured an $80 million fully Naira-denominated loan facility aimed at expanding off-grid solar energy access across Nigeria.
The financing will enable households and small businesses to adopt clean, reliable solar power through Sun King’s popular pay-as-you-go model, which allows customers to pay in small, affordable installments.
This structure also protects against foreign exchange risks by using local currency loans.Sun King, a leading off-grid solar provider active in over 40 countries, has already sold more than 27 million solar products across Africa through its network of over 29,500 agents.
The company offers a range of solar solutions from home lighting systems to powerful rooftop solar setups that rival grid electricity.Customers repay the cost over 12 to 24 months via daily, weekly, or monthly payments as low as $0.21 per day, using mobile money or cash.
This makes clean energy more accessible to low-income and rural communities.Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa, said:“Millions of Nigerians still live without reliable access to electricity, which limits opportunity and undermines resilience.
This investment enables scalable local-currency solutions that empower households and businesses with clean, affordable solar power.”
The loan includes a $25 million senior concessional tranche from the Canada-IFC Africa Renewable Energy Program, designed to spur private sector investment in climate solutions in emerging markets.Anish Thakkar, Co-Founder of Sun King, added:“Off-grid solar provides the fastest and most scalable pathway to universal electrification across Africa.
This investment exemplifies the bold, all-hands-on-deck approach required to deliver reliable, affordable energy to millions.”Oladele Sotubo, CEO of Stanbic Bank IBTC Capital Ltd, emphasized the significance of the partnership:“This $80 million facility will empower millions of Nigerians with clean, reliable, and affordable solar energy.
By enabling flexible financing options, we are helping build a more inclusive and sustainable future for Nigeria.”
With nearly 40% of Nigerians lacking electricity access, this facility supports Sun King’s expansion into hard-to-reach communities and aligns with broader initiatives like Nigeria’s Country Partnership Framework with the World Bank and the Mission 300 project led by the African Development Bank.
The initiative complements the Nigerian government and World Bank’s Distributed Access through Renewable Energy Scale-up (DARES) program, which offers subsidies to lower costs for off-grid solar users.
Sun King’s Sustainable Financing Framework, under which this loan falls, has received a ‘Very Good’ Sustainable Quality Score from Moody’s, highlighting its strong contribution to climate and sustainability goals.
