Nithio’s Investment and Impact
Nithio is proud to announce an investment in Sun King, a company that designs, distributes, and finances solar energy solutions in Africa and Asia. Nithio’s loan will enable Sun King to scale its impact in Nigeria and Uganda.
“Nithio is proud to announce our data-informed loan to Sun King, which has been a market leader in the global off-grid energy access sector. We look forward to seeing the expansion of their impact in Nigeria and Uganda.”
-Kate Steel, Nithio CEO
Sun King’s solar home energy solutions are used by over 15 million households in 40 countries. The sales of these products offset 25 million tons of CO2 and have saved customers $5 billion in dirty energy expenses.
“Sun King is glad to partner with Nithio in its mission to power brighter lives in the sub-Saharan African region. Nithio has been a pioneer in AI-driven investments in the off grid solar sector and we believe that our partnership is a testament to our portfolio quality and robustness.”
-Krishna Swaroop, Sun King Chief Financial Officer
Sun King’s Innovation and Growth
Sun King offers solar home energy solutions to people living in off-grid and weak-grid areas decreasing the need for kerosene products. They have over 90 million users in Africa and Asia and have a network of roughly 300 distribution followers which led to:
- Offering a Sun King EasyBuy™ financing model benefitting more than 20 million people with clean energy financing
- Generating more than 76.31MW of solar power
- Increasing available daily study time by 75% for children
- Increasing monthly savings for households by 15%
- According to families using Sun King products, improving air quality by 84%
As they continue to grow, Sun King is working towards:
- Expanding its impact in Uganda
- Continuing to have a positive influence on and growing in the Nigerian market
- Helping consumers move up the energy ladder with product upgrades
- Focusing on the innovation of new products that align with the changing consumer lifestyle like smartphones and smartphone financing
About Nithio
Nithio is an AI-driven platform for clean energy investment. The company has standardized credit risk assessments to catalyze billions of dollars of capital into solutions that address climate change and help achieve universal energy access. Nithio does so by lending directly to the off-grid solar sector through its financial intermediary, Nithio FI, as well as supporting other investors to scale their investments by better understanding consumer credit risk. Learn more at www.nithio.com.
About Sun King
Sun King is the world’s largest off-grid solar energy company, serving the 1.8 billion people across Africa and Asia who lack access to reliable electricity. Through innovative product design, affordable pay-as-you-go financing, and a grassroots field team of 15,000 agents providing installation and service, Sun King has powered the lives of over 90 million people. Founded in 2007 as Greenlight Planet, Sun King sets the gold standard for off-grid solar technology as part of its mission: powering access to brighter lives. For more information, please visit: www.sunking.com.
Media Contact
media@sunking.com
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