Solar company gets $80 million loan to expand affordable solar in Nigeria

• Sun King has partnered with IFC and Stanbic IBTC Bank to unafraid an $80 cardinal Naira-denominated indebtedness installation aimed astatine expanding entree to off-grid star vigor successful Nigeria
• This funding, utilizing a pay-as-you-go model, enables affordable star powerfulness for tiny businesses and households, peculiarly successful low-income and agrarian areas, portion reducing overseas speech risks
• The inaugural supports Nigeria’s vigor goals and aligns with broader African efforts similar Mission 300 to beforehand sustainable and inclusive vigor access

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market

To grow entree to off-grid star vigor successful Nigeria, Sun King, 1 of the apical off-grid star suppliers, has partnered with IFC and Stanbic IBTC Bank to unafraid an $80 cardinal indebtedness installation that is wholly denominated successful Naira.

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The partners accidental this backing makes it imaginable for tiny enterprises and households to usage clean, dependable star energy without having to wage exorbitant upfront fees.

Through its pay-as-you-go concept, the facility, which combines nationalist and backstage resources, allows Sun King to widen section currency loans portion mitigating overseas speech risks, the institution said successful a statement.

Customers can wage successful humble instalments with this method, which increases affordability and superior efficiency, peculiarly for low-income and agrarian customers.

“Millions of Nigerians inactive unrecorded without reliable entree to electricity, which limits accidental and undermines resilience,” said Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa.“This concern enables scalable local-currency solutions that empower households and businesses with clean, affordable star power. Beyond vigor access, it supports agrarian employment, boosts productivity, and brings america person to our shared extremity of inclusive, sustainable development.”

The concern aligns with Nigeria's Country Partnership Framework with the World Bank Group and supports Mission 300, a associated task with the African Development Bank that was initiated successful 2025 to grow entree to vigor crossed Africa.

The IFC's financing bundle includes a $25 cardinal elder concessional indebtedness from the Canada-IFC Africa Renewable Energy Program. This indebtedness promotes the financing of clime alteration solutions by the backstage sector, particularly innovative and early-stage enterprises successful processing countries.

Anish Thakkar, Co-Founder of Sun King, said,

“Off-grid star provides the fastest and astir scalable pathway to cosmopolitan electrification crossed Africa. This concern exemplifies the benignant of bold, all-hands-on-deck attack required to present reliable, affordable vigor to millions astatine the gait Mission 300 calls for.“With structured financing tailored to section needs, we tin dismantle affordability barriers and standard up the proven interaction of off-grid star solutions. We commend IFC and Standard Bank for their enactment successful advancing sustainable vigor access.”“This collaboration underscores our committedness to fostering innovative solutions that code captious vigor challenges successful Nigeria portion driving economical maturation and improving the prime of beingness for underserved communities.“By enabling households and tiny businesses to entree star powerfulness done flexible financing options, we are helping to physique a much inclusive and sustainable aboriginal for Nigeria.”

How to use for and person FG’s $100,000 money

Legit.ng reported that the Nigerian authorities has launched signifier 1 of the Creative Economy Development Fund (CEDF) to supply sustainable financing for the country’s increasing originative and taste sectors.

The fund, which was precocious approved by the Federal Executive Council (FEC), was officially announced by the Ministry of Arts, Culture, Tourism, and Creative Economy.

The money aims to empower respective sectors, positioning Nigeria arsenic a planetary subordinate and person successful originative industries.

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Source: Legit.ng