Synafare, a renewable energy supply-chain and financing company, is targeting 100 solar merchants for financing of up to ₦100 million each, in a move aimed at helping Nigerian solar businesses expand operations and reach more customers.

The initiative was announced at the company’s Solar Roundtable 2.0 in Lagos, where industry stakeholders discussed access to finance, equipment procurement and opportunities to grow Nigeria’s solar market.

According to Synafare’s Chief Executive Officer and co-founder, Tobi Esho, the company was established to address financing challenges facing solar installers and other businesses across the renewable energy value chain. It has since expanded its operations to connect manufacturers, distributors, installers and developers with equipment and financing.

Under the new initiative, eligible merchants can access financing ranging from about ₦10 million to ₦100 million, depending on their turnover and business capacity. Esho disclosed that two merchants had already received a combined ₦170 million before the event formally commenced.

The financing is designed to help businesses purchase solar panels, inverters, batteries and other equipment, execute larger projects and expand into product retail and distribution. Synafare also negotiated special prices with participating distributors and reduced its monthly financing rate to 3.5 per cent for the roundtable, compared with its usual rate of four to five per cent.

The company says it currently works with more than 2,000 businesses in the renewable energy sector, offering supply-chain support, logistics and financing to facilitate equipment purchases and project delivery.

The development comes as solar businesses seek to serve households, commercial customers and communities struggling with unreliable electricity supply. Improved access to working capital could help merchants maintain equipment stocks, fulfil larger orders and reach customers who might otherwise struggle to access solar solutions.

However, industry stakeholders at the roundtable stressed that financing alone will not guarantee sustainable growth. Skilled workers, technical standards, quality assurance and effective business management will also be essential as solar companies expand.

For Nigeria’s renewable energy market, the initiative offers a potential boost to businesses operating across the solar supply chain. Its wider impact will depend on how many merchants receive financing, how effectively they deploy the funds and whether the support translates into more installations and improved access to reliable electricity.