Lagos, Nigeria – [26 June, 2025] — Nithio is proud to announce the exciting close of Sun King’s $80 million receivables-backed syndicated facility in Nigeria, following its support as the Independent Verification agent supporting due diligence. Nithio now serves as the Monitoring Agent for the Facility.
This innovative financing solution, structured by International Finance Corporation (IFC) and Stanbic IBTC Bank, a subsidiary of Standard Bank Group, aims to broaden the availability of affordable, clean solar energy solutions across Nigeria. By combining public and private funding sources, the structure enables local currency lending through Sun King’s pay-as-you-go platform while reducing exposure to foreign exchange volatility. This model improves both affordability and the efficient use of capital by allowing customers, especially those in low-income and rural areas, to purchase solar products through sustainable, small-scale payments.
Nigeria faces a significant energy access challenge, with over 85 million people lacking electricity, the largest number of any country in the world, representing approximately 43% of its population, according to the World Bank. Sun King identifies Nigeria as its fastest-growing market and continues to expand rapidly across the continent, having sold over 27 million solar products and provided $1.2 billion in loans to customers across Africa to date
Through flexible pay-as-you-go options, this significantly enhances access to clean energy solutions by allowing customers to repay the cost of solar systems over 12 to 24 months in daily, weekly, or monthly installments. This model reduces financial barriers for otherwise underserved communities. This model also aims to accurately assess the value of payment receivables and customer repayment behaviour to enable financing structures that are inclusive and resilient.
“As a nation rich in talent and entrepreneurial spirit, access to electricity and financial inclusion is fundamental to boosting Nigeria’s growth. At Sun King, this investment reflects our commitment to creating meaningful impact by delivering reliable and affordable energy to millions. It brings us one step closer to scaling off-grid solar solutions and offering tailored, structured financing that meets the unique needs of the region.”, said Krishna Swaroop, Chief Financial Officer, Sun King.
As the Verification Agent, Nithio leveraged its proprietary Risk Analytics Engine to conduct rigorous, data-driven due diligence on Sun King’s receivables, ensuring transparency and accuracy. Now serving as the Monitoring Agent, Nithio continues to provide objective portfolio oversight, covenant monitoring, and ongoing risk assessment throughout the facility’s duration.
This role reflects Nithio’s broader mission to unlock climate finance at scale by applying AI-driven risk assessment and portfolio analytics. Through its proprietary data tools and rigorous verification processes, Nithio enables lenders, developers, and investors to deploy capital with greater confidence into energy access and climate resilience solutions across Africa.
“We are proud to have worked alongside Sun King and its established lenders on this milestone transaction that advances clean, affordable energy access in Nigeria. This is exactly the kind of meaningful, impact-driven work that inspires us at Nithio. Our ability to deliver rigorous, data-driven insights and portfolio oversight is why we are trusted by leading investors and partners across the ecosystem.” — Grace Fenton, Director of Partnerships, Nithio.
About Nithio
Nithio is a climate fintech platform that invests in clean energy companies and helps others allocate capital to climate solutions that build resilience. Powered by our Risk Analytics Engine, we leverage customer repayment data, geospatial data, and AI to standardize credit risk assessment. The Engine informs our investments and supports scaling investments in clean energy companies transforming energy access and climate resilience across Africa.
For further information, please contact:
Grace Fenton
Director, Partnerships
[email protected]
Partner with Nithio to unlock smarter capital allocation here.
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