Sun King, the world’s largest off-grid solar company, has secured an $80 million naira-denominated loan from the International Finance Corporation and Stanbic IBTC Bank. This marks the largest local-currency financing for energy access in West Africa to date.
The funds will support the electrification of up to 4 million households in Nigeria over the next 4–5 years, adding to the 2 million homes the company has already reached. The loan eliminates foreign-exchange risk, helping Sun King provide more affordable solar financing.
The financing is part of the World Bank and African Development Bank's Mission 300, which aims to bring electricity to 300 million people in sub-Saharan Africa by 2030. Nigeria, with 90 million people lacking electricity, is a key focus area, supported by previous World Bank efforts including a $750 million loan in December.
