Sun King, one of the leading off-grid solar providers, in partnership with IFC and Stanbic IBTC Bank, has secured an $80 million, fully Naira-denominated loan facility to scale access to off-grid solar energy in Nigeria.
According to the partners, 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, Sun King said in a statement. This approach enables customers to pay in small instalments, which improves affordability and capital efficiency, particularly for low-income and rural consumers.