{"id":118809,"date":"2025-05-16T06:38:52","date_gmt":"2025-05-16T05:38:52","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=118809"},"modified":"2025-05-16T06:38:52","modified_gmt":"2025-05-16T05:38:52","slug":"reactions-as-chinese-company-secures-loan-to-provide-off-grid-solar-power-in-nigeria","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/reactions-as-chinese-company-secures-loan-to-provide-off-grid-solar-power-in-nigeria\/","title":{"rendered":"Reactions as Chinese company secures loan to provide off-grid solar power in Nigeria"},"content":{"rendered":"<div>By Myke Agunwa<\/div>\n<div><\/div>\n<div>Sun King, the world\u2019s largest off-grid solar company, has secured financing from a World Bank-backed programme to boost electrification in Nigeria, The Presidency has announced.<\/div>\n<div><\/div>\n<div>This development comes a few days after the Federal Executive Council (FEC) meeting, chaired by President Bola Tinubu, initiated a new policy tagged the \u201cRenewed Hope Nigeria First Policy\u201d that places the country at the center of all public procurement and business activity, with a strong emphasis on empowering local industries and reducing dependency on foreign imports.<\/div>\n<div><\/div>\n<div>The policy bars the Ministries, Departments, and agencies (MDAs) from procuring foreign goods or services already available locally without a written waiver from the Bureau of Public Procurement (BPP).<\/div>\n<div><\/div>\n<div>However, Bayo Onanuga Presidential Spokesperson to Tinubu, in his official X handle on Thursday, announced that Sun King secured a naira-denominated loan of $80 million from the International Finance Corp. and Stanbic IBTC Bank Ltd. He said that the loan is the largest local-currency facility for energy access in West Africa to date.<\/div>\n<div><\/div>\n<div>\u201cThe money will help finance the provision of electricity to as many as 4 million households over the next four to five years, adding to the 2 million Sun King already has funded, Chief Financial Officer Krishna Swaroop said. Sun King was formerly known as Greenlight Planet.<\/div>\n<div><\/div>\n<div>\u201cWhat\u2019s really exciting about this is that it\u2019s a local-currency facility, so the company doesn\u2019t have to take foreign-exchange risk, Anish Thakkar, a co-founder of the company, said in an interview. It \u201callows us to provide the most affordable financing to customers,\u201d he said.<\/div>\n<div><\/div>\n<div>Onanuga said that the loan falls under a World Bank and African Development Bank drive to bring electricity to 300 million people in sub-Saharan Africa by 2030.<\/div>\n<div><\/div>\n<div>\u201cThe Mission 300 program envisages tens of billions of dollars of investments in energy projects being rolled out across the continent and was highlighted at an inaugural conference in Tanzania earlier this year.<\/div>\n<div><\/div>\n<div>\u201cThe loan is the biggest local-currency facility secured by Sun King and follows a $75 million deal in Kenya in 2021\u201d.<\/div>\n<div><\/div>\n<div>\u00a0It added that Nigeria, where about 90 million people have no access to electricity, has been a major focus of the World Bank\u2019s electrification programs. In December, the bank facilitated a $750 million loan to Nigeria for electrification using renewable power technologies. It expects private investment of more than $1 billion to be attracted as a result and electricity access to be extended to 17.5 million people.<\/div>\n<div><\/div>\n<div>Reacting to the development, Adetunji Adewolu in his X handle @AdetunjiAdewolu said, \u201cBig win for Nigeria\u2019s energy future. Local funding, no FX stress, and 4 million homes set to get power. Now this is what real impact looks like\u201d he said.<\/div>\n<div><\/div>\n<div>Mahdi Shehu another social media activist with the handle @shehu_mahdi wrote \u201cJust tell Nigerians that the so-called company will be &#8220;awarded&#8221; the N10 Billion villa solar panels project as an &#8220;incentive&#8221;. While TCN and REB will continue gasping for the final oxygen. What &#8221; a Genius economic policy&#8221; on how to kill local companies\u201d.<\/div>\n<div><\/div>\n<div>Also in his reaction, JIKAN WAZIRI @mkadamu3 wrote, \u201cWith about 290 million Nigerians lacking access to electricity, it&#8217;s alarming that the federal government relies heavily on foreign aid &amp; private sector initiatives to tackle this basic infrastructure issue.<\/div>\n<div><\/div>\n<div>\u201cThe fact that a foreign company is stepping in to provide electricity to 4 million households, adding to the 2 million already funded, raises questions about the federal government&#8217;s role in ensuring its citizens&#8217; basic needs are met.<\/div>\n<div><\/div>\n<div>\u201cThe government&#8217;s lack of initiative &amp; resources is loud and glaringly evident, as it takes external funding &amp; expertise to drive solutions to the energy crisis.<\/div>\n<div><\/div>\n<div>\u201cThe World Bank&#8217;s $750M loan in December, expected to attract over $1B in private investment, further underscores the government&#8217;s limitations. It&#8217;s unacceptable that Nigerians are forced to rely on foreign organizations to access basic necessities like electricity. The government must take responsibility for its citizens&#8217; welfare and develop a comprehensive energy policy to address the crisis\u201d he said.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Myke Agunwa Sun King, the world\u2019s largest off-grid solar company, has secured financing from a World Bank-backed programme to boost electrification in Nigeria, The Presidency has announced. This development&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":118810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-118809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reactions as Chinese company secures loan to provide off-grid solar power in Nigeria - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/reactions-as-chinese-company-secures-loan-to-provide-off-grid-solar-power-in-nigeria\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reactions as Chinese company secures loan to provide off-grid solar power in Nigeria - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"By Myke Agunwa Sun King, the world\u2019s largest off-grid solar company, has secured financing from a World Bank-backed programme to boost electrification in Nigeria, The Presidency has announced. 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