Stanbic IBTC powers solar access in Nigeria with $80 million deal
The financing will support Sun King’s pay-as-you-go model, enabling millions of Nigerians—especially those in off-grid and underserved communities—to access affordable and reliable solar power.
Stanbic IBTC Bank, a member of the Standard Bank Group, has partnered with Sun King and the International Finance Corporation (IFC) to close an $80 million local currency debt facility aimed at expanding access to solar energy in Nigeria. The financing will support Sun King’s pay-as-you-go model, enabling millions of Nigerians—especially those in off-grid and underserved communities—to access affordable and reliable solar power.
IFC contributed $50 million to the deal, which is fully denominated in Nigerian Naira. By eliminating foreign exchange risks, the facility allows Sun King to offer local-currency loans for solar systems that can be repaid in small, flexible installments. Customers may pay as little as $0.21 per day through mobile money or cash, significantly lowering the financial barrier to clean energy.
Stanbic IBTC: Financing Nigeria’s energy future
“At Stanbic IBTC, we are proud to strengthen our partnership with Sun King through this transformative $80 million facility,” said Oladele Sotubo, Chief Executive of Stanbic IBTC Capital Ltd. “This collaboration underscores our commitment to innovative solutions that address Nigeria’s energy challenges, boost economic growth, and improve quality of life.”
The facility contributes to the broader Mission 300 initiative, which seeks to connect 300 million Africans to electricity by 2030. It also aligns with Nigeria’s Country Partnership Framework with the World Bank and supports the government’s new DARES program for off-grid solar.
Unlocking sustainable impact
With nearly 40% of Nigerians still lacking electricity, the need for scalable energy solutions is urgent. Stanbic IBTC’s role in this landmark deal signals not just a financial commitment, but a broader vision to drive sustainable development and inclusive growth in Nigeria’s energy sector.
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