• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, August 3, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Sun King, IFC, Stanbic IBTC Secure $80m Debt Facility To Expand Solar Access

by Olushola Bello
3 months ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

Sun King in partnership with IFC and Stanbic IBTC Bank has secured an $80 million, fully naira-denominated loan facility to scale up access to off-grid solar energy in Nigeria.

Advertisement

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.

In Nigeria, where nearly 40 per cent of the population lacks access to electricity, demand for affordable solar solutions is growing rapidly. The facility will support Sun King’s expansion in the country, especially in hard-to-reach communities.

Regional director for Central Africa and Anglophone West Africa, IFC, Dahlia Khalifa said, “millions of Nigerians still live without reliable access to electricity, which limits opportunity and undermines resilience.”

RELATED

Presco Lauds 2024 Staff’s Performance, Explains 2025 Agenda

Presco Grows Pre-tax Profit By 121.8% To N111.9bn

6 hours ago
Nigerian Breweries Records N106bn Net Loss

Nigerian Breweries Records N738.14bn Revenue

7 hours ago

He stated that “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.”

Khalifa added that “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 Programme, which helps spur private sector financing for climate change solutions, especially innovative and early-stage projects in emerging markets.”

Co-founder, Sun King, Anish Thakkar noted that “off-grid solar provides the fastest and most scalable pathway to universal electrification across Africa. 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. We commend IFC and Standard Bank for their leadership in advancing sustainable energy access.”

The chief executive of Stanbic Bank IBTC Capital Limited, Oladele Sotubo pointed out that “at Stanbic IBTC, we are proud to strengthen our partnership with Sun King through this transformative $80 million facility, which will empower millions of Nigerians with access to clean, reliable, and affordable solar energy who would otherwise struggle to access power.”

He explained that “this collaboration underscores our commitment to fostering innovative solutions that address critical energy challenges in Nigeria while driving economic growth and improving the quality of life for underserved communities. 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.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Stanbic IBTC BankSun King
SendShareTweetShare
Previous Post

FID On $25bn Nigeria-Morocco Gas Pipeline Project May Begin Year End

Next Post

MSME Forum: FG Appoints Oduwole, Enoh, Tijani, Ambrose Oversight Committee’s Members

Olushola Bello

Olushola Bello

You May Like

Presco Lauds 2024 Staff’s Performance, Explains 2025 Agenda
Business

Presco Grows Pre-tax Profit By 121.8% To N111.9bn

2025/08/03
Nigerian Breweries Records N106bn Net Loss
Business

Nigerian Breweries Records N738.14bn Revenue

2025/08/03
‘95,000 Women, Children Die Annually From Charcoal Smoke’
Business

Charcoal Trade Threat To Forest Sustainability, Livelihood – FG

2025/08/03
Shippers’ Council Condemns Vandalism, Theft Of Rail Tracks
Business

Shippers’ Council Seeks Abia Govt. Support On Isiala Ngwa Inland Dry Port Revival

2025/08/03
Use Existing Frameworks To Bridge Metering Gap, NERC Tells Distribution Firms
Business

NERC Transfers Regulatory Oversight Of Electricity Market In Nasarawa State To NASERC

2025/08/03
Lawmakers, Marítime Workers Kick Over NPA’s 50% Federation Account Remittances
Business

To Maximise Blue Economy Potential, NPA Assure Investors Of EODB

2025/08/03
Leadership Conference advertisement

LATEST

SERAP Gives Niger Gov 48 Hours To Lift Ban On Badeggi FM

Veteran Producer Kayode Peters Buried In Canada Amid Tears

Gov Otu Flags Off Construction Of 10km Road In Ogoja

Body Of Missing Bayelsa Real Estate Executive Found In Forest

Afrobeat Star Dremzee Rises From Ughelli With Hit Singles Panadol, Hustle Anthem

Man Commits Suicide Over Wife’s Alleged Infidelity In Imo

LG Polls: Confusion As PDP Members Emerge As APC Candidates In Rivers

Anglican Primate Assures Nigerians Of Divine Restoration

12 Injured, Houses Razed As Hoodlums Attack Akwa Ibom Community

‘Show Us The Schools’, Ex-NALDA Boss Slams Abia Gov’t Over ₦54bn Renovation Project

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.