IFC and Stanbic IBTC Bank have established an $80 million local currency facility to enhance access to affordable solar energy solutions through Sun King in Nigeria.

Target Information

Sun King is a prominent off-grid solar provider that designs, distributes, and finances solar systems in over 40 countries. The company has established a vast network of more than 29,500 agents across Africa and has successfully sold over 27 million solar products. Its portfolio includes a diverse range of affordable solutions, from solar home systems offering multi-room lighting and phone charging to powerful rooftop systems that provide enhanced power equity compared to the traditional grid.

In a country like Nigeria, where approximately 40% of the population lacks consistent access to electricity, Sun King is uniquely positioned to meet the rising demand for affordable solar solutions. The company’s innovative pay-as-you-go model allows households and small enterprises to adopt clean solar energy without the burden of substantial upfront costs.

Industry Overview

Nigeria's energy sector faces significant challenges, particularly with a large portion of the population living without reliable electricity. The increasing push for renewable energy solutions has resulted in a surge in demand for affordable solar technologies. Off-grid