Sun King Secures ₦80 Billion Loan to Expand Solar Power

Beulah Godfrey

May 16, 2025
3 min read

Sun King, the world’s largest off-grid solar energy company, has secured a ₦80 billion loan to expand electricity access across Nigeria. The funding, backed by a World Bank-supported program, includes contributions from the International Finance Corporation (IFC) and Stanbic IBTC Bank.

The goal is to provide solar power to 4 million Nigerian homes over the next four to five years. This project aims to reduce Nigeria’s electricity crisis, especially in rural and peri-urban areas.

About 85 million Nigerians, or over 40% of the population, do not have access to reliable electricity. The national power grid, with its outdated infrastructure, supplies only around 5,000 megawatts daily. But the country needs over 30,000 megawatts to meet growing demand.

Because of this shortage, many Nigerians depend on fuel-powered generators. These machines are expensive to run and harmful to the environment. Sun King’s solar systems offer a cleaner, more affordable option.

How Sun King Plans to Help

Sun King will use the loan to expand its operations in Nigeria. Since 2018, the company has already connected over 1.2 million households to solar power. Now, with the new funding, it plans to reach even more people, especially in northern Nigeria, where access is limited.

The company sells solar lanterns, lighting systems, fans, and TVs—all powered by solar energy. These products help families without electricity live more comfortably.

Sun King’s pay-as-you-go model lets customers buy solar systems in small, affordable payments. This setup helps low-income households access solar energy without paying large amounts upfront.

The expansion is expected to create 10,000 jobs in Nigeria. These will include roles for sales agents, technicians, and community distributors. By training and hiring locals, the company will boost the economy in areas that need jobs the most.

A Step Toward Nigeria’s Clean Energy Goals

Sun King’s project supports Nigeria’s plan to achieve net-zero carbon emissions by 2060. The government is working to grow clean energy use, and this includes supporting off-grid solar projects.

Nigeria has also launched green bonds to raise money for environmental projects. A new $186 million bond set for 2025 will fund clean energy and forest protection efforts.

While the outlook is positive, the off-grid solar sector still faces challenges. These include:

High import duties on solar parts
Currency fluctuations
Difficulties delivering to remote locations

Some experts say solar power alone can’t fix Nigeria’s electricity problem. They believe the national grid still needs major upgrades. However, off-grid solar systems can provide relief, especially in areas where the grid doesn’t reach.

Sun King’s Global Experience

Sun King has delivered solar power to 29 million people in Africa and South Asia. It operates in Kenya, Uganda, and India, and has a strong record of success.

In Nigeria, the company works closely with local banks and community leaders to reach more homes. This new funding will help Sun King grow faster and bring light to millions more.

As Nigeria faces growing energy challenges, Sun King’s mission could help transform lives. With the right support and partnerships, solar energy may light up the future—one home at a time.