Sun King, IFC, Stanbic IBTC Bank closed the $ 80 million facility to expand Surya access in Nigeria

Sun King, in a partnership with IFC and Stanbic IBTC Bank, has received a loan facility worth $ 80 million, entirely Naira-dedicated to measure access to off-grid solar energy in Nigeria.

This financing allows households and small businesses to adopt a clean and reliable solar power without a prohibited upfront.

By combining public and private capital, this facility allows Sun King to expand local currency loans through the Pay-As-Youth-Go-GO model while reducing the risk of foreign exchange. This approach allows customers to pay in small installments, which increase affordability and capital efficiency, especially for low -income and rural consumers.

Sun King, an off-grid solar provider, design, distributing, and financing the solar system in more than 40 countries.

In Nigeria, where almost 40% of the population does not have access to electricity, demand for affordable solar solutions grows quickly.

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“Millions of Nigerians are still alive without electricity access to electricity, which limits opportunities and damages resilience,” said Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone of West Africa.

“This investment allows local currency solutions that can be discharged that empower households and businesses with clean and affordable solar power. Outside of energy access, support rural work, increase productivity, and bring us closer to our mutual goals that are inclusive and sustainable.”

Investment is in harmony with the Nigerian state partnership framework with the World Bank group and contributes to Mission 300, an initiative together with the African Development Bank which was launched in 2025 to expand access to electricity throughout Africa.

The IFC financing package includes a $ 25 million senior concession loan from the Canadian-IFC African renewable energy program, which helps spur private sector financing for climate change solutions, especially innovative projects and early stages in the developing market.

In parallel, the Nigerian government and the World Bank launched distributed access through a renewable energy scale program (dares), which will help reduce costs for solar users outside the network.

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