In a major boost to Nigeria’s energy access agenda, Sun King has secured an $80 million local currency loan facility in partnership with the International Finance Corporation (IFC) and Stanbic IBTC Bank, a member of Standard Bank Group. The landmark deal is designed to scale affordable, off-grid solar solutions to households and small businesses across Nigeria, many of whom are currently underserved or completely off the electricity grid.
Of the total facility, IFC contributed $50 million, with a $25 million portion coming from the Canada-IFC Africa Renewable Energy Program. The program promotes climate-friendly investments in emerging markets through private sector partnerships. This local currency financing will support Sun King’s expansion under Nigeria’s Country Partnership Framework and aligns with Mission 300 — a continent-wide initiative to connect 300 million people in Sub-Saharan Africa to electricity by 2030.
Sun King is a global leader in off-grid solar energy, operating in over 40 countries with a network of more than 29,500 sales agents and a customer base that has already purchased over 27 million solar products. In Nigeria, where nearly 40% of the population still lives without reliable access to electricity, the company offers a range of solar home systems and rooftop solutions that provide clean, renewable power at a fraction of the cost of traditional sources.
What makes this facility transformative is its local-currency structure and the flexibility of Sun King’s pay-as-you-go model. Rather than requiring large upfront payments, customers can access solar products and repay over 12 to 24 months in small daily, weekly, or monthly instalments — some as low as $0.21 per day. Payments can be made via mobile money or cash, making it highly accessible, especially to rural and low-income consumers. This model has already enabled Sun King to extend $1.2 billion in credit across Africa.
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“This investment enables scalable local-currency solutions that empower households and businesses with clean, affordable solar power,” said Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa. “It also supports rural employment, boosts productivity, and brings us closer to inclusive, sustainable development.”
Sun King’s financing is underpinned by its Sustainable Financing Framework, which has earned a ‘Very Good’ Sustainable Quality Score from Moody’s — a testament to its strong alignment with climate and sustainability objectives.
“This is the kind of bold, all-hands-on-deck approach that Mission 300 requires,” said Sun King Co-Founder Anish Thakkar. “By dismantling affordability barriers and scaling proven off-grid solar solutions, we can move decisively toward universal energy access in Africa.”
The effort is further supported by Nigeria’s Distributed Access through Renewable Energy Scale-up (DARES) program, led by the government and the World Bank. DARES will introduce results-based subsidies to reduce the cost burden for off-grid solar users, complementing the private sector-driven push led by Sun King and its financial partners.
Oladele Sotubo, Chief Executive of Stanbic IBTC Capital Ltd, summed it up: “This facility empowers millions of Nigerians to access clean, affordable energy. It’s not just about power — it’s about economic growth, improved livelihoods, and a more sustainable future.”
Together, these coordinated efforts offer a replicable model for accelerating Africa’s journey to universal electrification through private capital, innovative partnerships, and customer-focused energy solutions.
