Sun King, IFC, Stanbic IBTC Bank close $80m facility to expand solar access in Nigeria

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 instalments, which improves affordability and capital efficiency, particularly for low-income and rural consumers.

Sun King, an off-grid solar provider, designs, distributes, and finances solar systems across over 40 countries.

In Nigeria, where nearly 40% of the population lacks access to electricity, demand for affordable solar solutions is growing rapidly.

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“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.

In parallel, the Nigerian government and the World Bank are launching the Distributed Access through Renewable Energy Scale-up (DARES) program, which will help reduce costs for off-grid solar users.

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