A Chinese-owned energy company has secured a major loan to expand off-grid solar access across Nigeria, aiming to light up millions of homes without electricity.
Sun King, the world’s largest provider of off-grid solar power, announced on Thursday that it has secured an $80 million loan in Nigerian naira. The financing comes from the International Finance Corporation (IFC), part of the World Bank Group, along with Stanbic IBTC Bank. This is now the biggest local-currency loan ever provided for energy access in West Africa.
The funds will allow Sun King to bring electricity to up to 4 million households in Nigeria over the next four to five years. These new connections would add to the 2 million homes already served by the company, which was previously known as Greenlight Planet.
With about 90 million Nigerians still living without electricity, the demand for reliable and affordable power is high. Sun King’s approach focuses on solar solutions that do not rely on the national grid. By offering customers payment plans in local currency, the company aims to avoid the risks and costs that come with foreign exchange fluctuations. This makes its energy products more affordable for low-income households.
The new loan falls under a broader push by international development banks to boost electricity access in sub-Saharan Africa. The World Bank and African Development Bank launched the “Mission 300” initiative with a goal to provide energy for 300 million people across the continent by 2030. Nigeria has been identified as a key focus in that plan, given the large number of people still off the grid.
This financing marks Sun King’s largest such deal in West Africa and follows a similar $75 million agreement secured in Kenya in 2021. The company has grown steadily by offering solar kits and flexible repayment plans that make it easier for families to switch to clean energy.
The World Bank has also supported other electrification projects in Nigeria. Last December, it arranged a $750 million loan for renewable energy development, with expectations that private investors will follow with over $1 billion in additional funding. That program is projected to improve electricity access for 17.5 million people.
As Nigeria continues to struggle with unreliable power infrastructure and energy poverty, this latest deal offers a potential lifeline to millions of households. It also marks another step in international efforts to close Africa’s energy gap through private partnerships and clean energy investments.