Sun King, in partnership with IFC and Stanbic IBTC Bank, has secured an $80 million, fully naira-denominated loan facility to scale access to off-grid solar energy in Nigeria.

This financing enables households and small businesses to adopt clean, reliable solar power without prohibitive upfront costs. By combining public and private capital, the facility allows Sun King to extend local currency loans through its pay-as-you-go model while mitigating foreign exchange risks.

This approach enables customers to pay in small installments, which improves affordability and capital efficiency, particularly for low-income and rural consumers.

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

“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.”

Co-Founder, Sun King, Anish Thakkar, said the facility falls under Sun King’s Sustainable Financing Framework, which has received a ‘Very Good’ Sustainable Quality Score from Moody’s, recognising its strong contribution to sustainability and climate goals.

“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,” Thakkar said.

Chief Executive of Stanbic Bank IBTC Capital Ltd, Oladele Sotubo, 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 that 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.”