Lagos, Nigeria – May 17, 2025 — Sun King, a leading provider of solar energy solutions across Africa and Asia, has secured a ₦80 billion ($80 million USD equivalent) loan to bolster its operations in Nigeria. The financing comes from the International Finance Corporation (IFC), a member of the World Bank Group, in partnership with Stanbic IBTC Bank, a subsidiary of South Africa’s Standard Bank Group.
The funding, structured in Nigeria’s local currency, aims to accelerate access to clean, affordable, and reliable energy for millions of off-grid households across the country. Nigeria, which has one of the largest populations without access to electricity globally, presents a critical need for scalable and sustainable energy alternatives.
Sun King said the funds will be used to grow its footprint across rural and peri-urban areas, offering solar home systems and appliances through a pay-as-you-go model. This approach allows households to pay for solar products over time, easing the financial barrier to clean energy adoption.
“We’re excited to deepen our commitment to Nigeria and provide more families with access to clean, renewable power,” said T. Patrick Walsh, co-founder of Sun King. “This investment allows us to deliver real impact by helping households transition away from expensive and polluting fuel sources like kerosene and diesel.”
IFC Country Manager for Nigeria, Kalim M. Shah, highlighted the importance of the investment: “Access to reliable and affordable energy is essential for development. Our partnership with Sun King and Stanbic IBTC is a model for how blended finance can support local enterprises delivering innovative solutions.”
The loan structure in naira is significant, as it protects Sun King from foreign exchange risks that often challenge businesses operating in emerging markets. It also reflects a growing commitment among financial institutions to support climate-friendly solutions in local contexts.
Sun King has already reached over 100 million people globally and plans to expand its services to reach millions more in Nigeria over the next few years. With this financing, the company is poised to play a vital role in addressing the country’s energy access gap while supporting Nigeria’s broader renewable energy goals.
About Sun King:
Founded in 2007, Sun King is a global leader in off-grid solar energy solutions, delivering affordable, durable, and user-friendly solar products to underserved communities in over 40 countries.
