Sun King, the world’s largest off-grid solar company, has secured an $80 million naira-denominated loan to expand electricity access across Nigeria.

The financing deal, backed by the International Finance Corporation (IFC) and Stanbic IBTC Bank Ltd., marks the largest local-currency facility for energy access in West Africa to date.

The funding will allow Sun King to provide solar electricity to 4 million households over the next four to five years.

This builds on the 2 million homes it has already powered, according to the company’s Chief Financial Officer, Krishna Swaroop.“What’s really exciting about this is that it’s a local-currency facility,” said co-founder Anish Thakkar.

“It allows us to provide the most affordable financing to customers without taking on foreign-exchange risk.”The loan forms part of the Mission 300 initiative—a joint drive by the World Bank and African Development Bank aimed at bringing electricity to 300 million people in sub-Saharan Africa by 2030.

The program is expected to channel tens of billions of dollars into energy projects across the continent.Nigeria remains a key focus, with around 90 million people still lacking access to electricity.

. In December, the World Bank facilitated a separate $750 million loan to Nigeria for renewable electrification, aiming to attract over $1 billion in private investments and expand electricity access to 17.5 million people.

Sun King, formerly known as Greenlight Planet, also secured a $75 million local-currency facility in Kenya in 2021.