Off-grid solar provider Sun King has secured an US$80mn fully Naira-denominated loan to scale energy access in Nigeria
The financing, in partnership with IFC and Stanbic IBTC Bank, will enable more households and small businesses to adopt clean, reliable solar power without prohibitive upfront costs.
“Off-grid solar provides the fastest and most scalable pathway to universal electrification across Africa,” said Anish Thakkar, Sun King’s co-founder.
“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.”
By combining public and private capital, the funding allows Sun King to extend local currency loans through its pay-as-you-go model while mitigating foreign exchange risks.
This enables customers to pay in small instalments, which improves affordability and capital efficiency, particularly for low-income and rural consumers.
Sun King designs, distributes and finances solar systems across over 40 countries.
With a network of more than 29,500 agents across Africa, it has already sold over 27 million solar products, from home systems that offer multi-room lighting and phone charging to more powerful rooftop systems.
Via flexible pay-as-you-go payment options, customers repay the cost of the solar systems over 12 to 24 months through daily, weekly, or monthly instalments.
Customers can pay as little as US$0.21 a day via mobile money or cash, a model that lowers the financial barrier to energy and broadens access among underserved communities.
To date, Sun King has extended US$1.2bn in loans to its customers across Africa.
The new loan facility will support Sun King's expansion in Nigeria, especially in hard-to-reach communities.
Currently, nearly 40% of the population still lack access to electricity, though demand for affordable solar solutions is advancing rapidly.
“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.”
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.
Oladele Sotubo of Stanbic Bank IBTC Capital Ltd said the move will empower millions of Nigerians with access to clean, reliable and affordable solar energy who would otherwise struggle to access power.
“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.”
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Sun King nets to expand energy access in Nigeria
Small home solar kits are transforming energy access across Africa (Image credit: Adobe Stock)
