- Sun King has secured a ₦80 billion fully Naira-denominated loan facility in partnership with IFC and Stanbic IBTC Bank to expand off-grid solar access across Nigeria.
- The initiative aligns with Mission 300 and the World Bank’s upcoming DARES programme.
Sun King has secured a ₦80 billion ($80 million) loan facility in partnership with the International Finance Corporation (IFC) and Stanbic IBTC Bank to scale access to clean, reliable energy across Nigeria. The facility is denominated in Naira, helping mitigate foreign exchange risk while enabling more flexible, affordable financing for consumers.
The loan will support Sun King’s pay-as-you-go model, which allows households and small businesses, particularly in low-income and rural areas, to adopt solar energy systems through small, incremental payments. This structure eliminates prohibitive upfront costs, improving affordability and accelerating energy access for communities often excluded from the national grid.
Nigeria, where an estimated 40% of the population remains without electricity, is experiencing rising demand for distributed, renewable energy solutions. The new facility blends public and private capital and aligns with national and regional electrification strategies.
“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 financing package includes a $25 million concessional senior loan from the Canada-IFC Africa Renewable Energy Program. The program supports early-stage climate-focused projects in emerging markets and is designed to catalyse private-sector involvement in renewable energy expansion across the continent.
Sun King operates in over 40 countries, designing, distributing, and financing solar systems tailored for off-grid communities. This facility strengthens its local lending capacity in Nigeria, helping to embed deeper solar access into underserved regions.
The initiative complements broader national efforts, including Mission 300, launched in 2025 with the African Development Bank, targeting massive electricity expansion across Africa. In addition, the Distributed Access through Renewable Energy Scale-up (DARES) programme is a World Bank-backed initiative supporting off-grid solar deployment by lowering user costs.
This deal is considered a milestone for local currency climate finance in Nigeria. It demonstrates how blended finance models can scale innovative clean energy solutions while fostering economic inclusion and climate resilience.