• Sun King receives $80 million local currency loan to expand off-grid solar

• IFC and Stanbic IBTC structured the deal to support rural electrification

•  Over 85 million Nigerians still lack access to electricity

Sun King has secured an $80 million loan to expand its off-grid solar energy services in Nigeria, where more than 85 million people remain without electricity. The funding was arranged by the International Finance Corporation (IFC) and Stanbic IBTC Bank, a unit of Standard Bank Group, and announced on May 15, 2025.

The IFC will contribute $50 million to the loan facility, which aims to extend access to electricity in rural and underserved areas.

The funds will support Sun King’s prepaid solar financing model, enabling users to purchase home solar products such as lamps, lighting systems, and rooftop panels, through small, local currency loans repayable over 12 to 24 months. The pay-as-you-go structure helps low-income households avoid high upfront costs.

“With structured financing tailored to local needs, we can dismantle affordability barriers and scale up the proven impact of off-grid solar solutions,” said Anish Thakkar, Co-founder of Sun King.

Active in over 40 countries across Africa and Asia, Sun King has sold more than 27 million solar products and disbursed $1.2 billion in credit to African users through flexible payment systems.

With this new loan, both the IFC and Stanbic aim to support energy security and sustainable power access in Nigeria’s off-grid communities.