One of the world’s largest off-grid solar companies, Sun King, has secured financing from a World Bank-supported programme to improve electrification in Nigeria.
Bloomberg recently reported that the company secured a N128bn loan from the International Finance Corp. and Stanbic IBTC Bank Ltd.
Speaking during a media gathering, Sun King’s co-founder, Anish Thakkar, said that the deal is the largest local-currency facility for energy access in Nigeria, and it is a good thing that the funds are denominated in naira, not dollars.
Sun King is set to use the funds to guarantee electricity systems in an additional four million households across Nigeria before 2030, more than doubling its existing footprint, which presently covers 2 million homes.
The solar kits possess little panels and rechargeable batteries, and users part with about $0.21 (N320) daily over the course of one year. For several villages, this is a huge yet manageable cost in exchange for a stable power supply, plus its hardware was built to last for at least 10 years.
“We can’t ignore the scale of Nigeria’s electricity problem. Around 90 million people in the country remain disconnected from the grid. That’s nearly half the population. Diesel generators and candlelight remain their fallback options,” a statement read.
This fresh loan is part of an international initiative to bridge the continent’s energy gap. It aligns with Mission 300, a joint initiative by the World Bank and African Development Bank that plans to connect 300 million people in sub-Saharan Africa to electricity by 2030.
The project expects both public and private investments to pour into scalable, cost-effective energy solutions. 4 years ago, Sun King, previously known as Greenlight Planet, sealed an identical $75 million deal in Kenya that focused on off-grid energy expansion.
Folami David writes on trends and pop culture. He is a creative writer, and he is passionate about music and football.
