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

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.

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.”

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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.”