IFC and Stanbic IBTC Bank, a subsidiary of Standard Bank Group, have structured an $80 million local currency facility to enable off-grid customers to access affordable solar solutions through Sun King in Nigeria. IFC contributed $50 million.

The facility will allow Sun King to expand its pay-as-you-go solar financing, improving access to clean, reliable, and affordable electricity for underserved communities. The investment supports the Mission 300 initiative, which aims to connect 300 million people in Sub-Saharan Africa to electricity by 2030.

[15 MAY, LAGOS] — Sun King, 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. 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. This approach enables customers to pay in small instalments, which improves affordability and capital efficiency, particularly for low-income and rural consumers.

Sun King, a leading off-grid solar provider, designs, distributes, and finances solar systems across over 40 countries. With a network of more than 29,500 agents across Africa, the company has sold over 27 million solar products.  Sun King sells a range of cost-effective solar products, from solar home systems that offer multi-room lighting and phone charging to powerful rooftop solar systems that provide power equity with the grid. 

Via flexible pay-as-you-go payment options, customers repay the cost of solar systems over 12 to 24 months through daily, weekly, or monthly instalments. Customers can pay as little as $0.21 a day via mobile money or cash. This model lowers the financial barrier to clean energy and broadens access among underserved communities. To date, Sun King has extended $1.2 billion in loans to its customers across Africa.

In Nigeria, where nearly 40% of the population lacks access to electricity, demand for affordable solar solutions is growing rapidly. The facility will support Sun King’s expansion in the country, especially in hard-to-reach communities.

“Millions of Nigerians still live without reliable access to electricity, which limits opportunity and undermines resilience,” said Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa. “This investment enables scalable local-currency solutions that empower households and businesses with clean, affordable solar power. Beyond energy access, it supports rural employment, boosts productivity, and brings us closer to our shared goal of inclusive, sustainable development.”

The investment aligns with Nigeria’s Country Partnership Framework with the World Bank Group and contributes to Mission 300, a joint initiative with the African Development Bank launched in 2025 to expand electricity access across Africa.

IFC’s financing package includes a $25 million senior concessional loan from the Canada-IFC Africa Renewable Energy Program, which helps spur private sector financing for climate change solutions, especially innovative and early-stage projects in emerging markets.

In parallel, the Nigerian government and the World Bank are launching the Distributed Access through Renewable Energy Scale-up (DARES) program, which will help reduce costs for off-grid solar users through results-based subsidies — complementing this private-sector-led effort.

The facility falls under Sun King’s Sustainable Financing Framework, which has received a ‘Very Good’ Sustainable Quality Score from Moody’s, recognising its strong contribution to sustainability and climate goals.

“Off-grid solar provides the fastest and most scalable pathway to universal electrification across Africa. This investment exemplifies the kind of bold, all-hands-on-deck approach required to deliver reliable, affordable energy to millions at the pace Mission 300 calls for. With structured financing tailored to local needs, we can dismantle affordability barriers and scale up the proven impact of off-grid solar solutions. We commend IFC and Standard Bank for their leadership in advancing sustainable energy access.”
— Anish Thakkar, Co-Founder, Sun King

“At Stanbic IBTC, we are proud to strengthen our partnership with Sun King through this transformative $80 million facility, which will empower millions of Nigerians with access to clean, reliable, and affordable solar energy who would otherwise struggle to access power. This collaboration underscores our commitment to fostering innovative solutions that address critical energy challenges in Nigeria while driving economic growth and improving the quality of life for underserved communities. By enabling households and small businesses to access solar power through flexible financing options, we are helping to build a more inclusive and sustainable future for Nigeria.”
— Oladele Sotubo, CE of Stanbic Bank IBTC Capital Ltd

<Notes to editor>

Embargoed until 15 May 2025, 00:01 WAT

Photography
High-resolution images accompanying this announcement are available here: https://drive.google.com/drive/folders/1opjfloYXPG0hiN9Avvwh_d78UHZz5e5U?usp=sharing. Please credit all photos to Sun King when used.

Sun King Media Contact: [email protected]
IFC Media Contact: [email protected]
Standard Bank Media Contact: [email protected]

About Sun King

Sun King is the world’s leading off-grid solar energy company with cutting-edge product design, affordable financing, and a grassroots installation model to provide energy to homes and businesses across Africa and Asia who lack access to reliable electricity. Founded in 2007, Sun King sets the gold standard for off-grid solar performance and design as part of its mission: powering access to brighter lives. For more information, please visit: www.sunking.com. 

About Standard Bank

Standard Bank Group is the largest African bank by assets, operating in 20 African countries, 4 global financial centres and 2 offshore hubs. Headquartered in Johannesburg, South Africa, we are listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB. Standard Bank has a 162-year history in South Africa and started building a franchise outside southern Africa in the early 1990s. Our strategic position, which enables us to connect Africa to other select emerging markets as well as pools of capital in developed markets, and our balanced portfolio of businesses, provide significant opportunities for growth. 

As at 31 December 2024, Standard Bank Group had 20 million clients, employed over 50 000 people (including Liberty) and had over 1 150 points of representation and 5 500 ATMs across the African continent. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 19.6% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets. 

For further information, go to http://www.standardbank.com.  

About Stanbic IBTC

Stanbic IBTC is a leading end-to-end financial solutions provider in Nigeria, offering a wide range of products and services across corporate, investment business, and personal banking, stockbroking, insurance, and asset management. The recent establishment of its fintech subsidiary, Zest Payments, further underscores its commitment to provide innovative financial solutions. Stanbic IBTC plays a pivotal role in driving Nigeria’s growth, leveraging deep local insights and international expertise enhanced by being a member of Standard Bank Group, Africa’s largest bank by assets. Find out more about Stanbic IBTC on www.stanbicibtc.com.  

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.

About the Canada-IFC Renewable Energy Program for Africa

The Canada-IFC Renewable Energy Program for Africa promotes private sector financing for renewable energy projects in Sub-Saharan Africa to improve access to affordable and sustainable energy services that can play an important role in reducing poverty, gender inequality, and tackling climate change. Canada has committed $150 million Canadian dollars to this climate program to structure blended finance solutions that enable high-impact energy projects in Sub-Saharan Africa. The program is part of Canada’s support for the Africa Renewable Energy Initiative: http://www.arei.org.