More options for Nigerians as company secure $80 million to provide affordable solar

• Sun King has partnered with IFC and Stanbic IBTC Bank to secure an $80 million Naira-denominated loan facility aimed at expanding access to off-grid solar energy in Nigeria
• This funding, using a pay-as-you-go model, enables affordable solar power for small businesses and households, particularly in low-income and rural areas, while reducing foreign exchange risks
• The initiative supports Nigeria’s energy goals and aligns with broader African efforts like Mission 300 to promote sustainable and inclusive energy access

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To expand access to off-grid solar energy in Nigeria, Sun King, one of the top off-grid solar suppliers, has partnered with IFC and Stanbic IBTC Bank to secure an $80 million loan facility that is entirely denominated in Naira.

The partners say this funding makes it possible for small enterprises and households to use clean, dependable solar energy without having to pay exorbitant upfront fees.

Through its pay-as-you-go concept, the facility, which combines public and private resources, allows Sun King to extend local currency loans while mitigating foreign exchange risks, the company said in a statement.

Customers can pay in modest instalments with this method, which increases affordability and capital efficiency, particularly for low-income and rural customers.

“Millions of Nigerians still live without reliable access to electricity, which limits opportunity and undermines resilience,” said Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa.

“This investment enables scalable local-currency solutions that empower households and businesses with clean, affordable solar power. Beyond energy access, it supports rural employment, boosts productivity, and brings us closer to our shared goal of inclusive, sustainable development.”

The investment aligns with Nigeria's Country Partnership Framework with the World Bank Group and supports Mission 300, a joint venture with the African Development Bank that was initiated in 2025 to expand access to energy across Africa.

The IFC's financing package includes a $25 million senior concessional loan from the Canada-IFC Africa Renewable Energy Program. This loan promotes the financing of climate change solutions by the private sector, especially innovative and early-stage enterprises in developing countries.

Anish Thakkar, Co-Founder of Sun King, said,

“Off-grid solar provides the fastest and most scalable pathway to universal electrification across Africa. This investment exemplifies the kind of bold, all-hands-on-deck approach required to deliver reliable, affordable energy to millions at the pace Mission 300 calls for.

“With structured financing tailored to local needs, we can dismantle affordability barriers and scale up the proven impact of off-grid solar solutions. We commend IFC and Standard Bank for their leadership in advancing sustainable energy access.”

“This collaboration underscores our commitment to fostering innovative solutions that address critical energy challenges in Nigeria while driving economic growth and improving the quality of life for underserved communities.

“By enabling households and small businesses to access solar power through flexible financing options, we are helping to build a more inclusive and sustainable future for Nigeria.”

How to apply for and receive FG’s $100,000 fund

Legit.ng reported that the Nigerian government has launched phase one of the Creative Economy Development Fund (CEDF) to provide sustainable financing for the country’s growing creative and cultural sectors.

The fund, which was recently approved by the Federal Executive Council (FEC), was officially announced by the Ministry of Arts, Culture, Tourism, and Creative Economy.

The fund aims to empower several sectors, positioning Nigeria as a global player and leader in creative industries.

Source: Legit.ng