Sun King, one of the leading off-grid solar providers, has secured an $80 million, fully Naira-denominated loan facility to scale access to off-grid solar energy in Nigeria.

The loan, a partnership with International Finance Corporation (IFC) and Stanbic IBTC Bank, will enable households and small businesses to adopt clean, reliable solar power without prohibitive upfront costs.

Sun King in a statememt said the facility affords it the leeway to extend local currency loans through its pay-as-you-go model while mitigating foreign exchange risks. This ensures that customers pay in small instalments, which improves affordability and capital efficiency, particularly for low-income and rural consumers.

Anish Thakkar, Co-Founder, 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.”

“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 contributes to Mission 300, a joint initiative with the African Development Bank launched in 2025 to expand electricity access across Africa.

IFC’s financing package includes a $25 million senior concessional loan from the Canada-IFC Africa Renewable Energy Program, which helps spur private sector financing for climate change solutions, especially innovative and early-stage projects in emerging markets.

Oladele Sotubo, CE of Stanbic Bank IBTC Capital Ltd, said, “At Stanbic IBTC, we are proud to strengthen our partnership with Sun King through this transformative $80 million facility, which will empower millions of Nigerians with access to clean, reliable, and affordable solar energy who would otherwise struggle to access power.

“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.”