Freshfields advises Sun King Nigeria on c.$80m local currency financing

Global law firm Freshfields has advised Greenlight Planet Sun King Nigeria (Sun King Nigeria), a leading distributor and financier of pay-as-you-go off-grid solar products, on a senior secured financing denominated in Nigerian Naira. The financing is being provided by a club of lenders including International Finance Corporation and Stanbic IBTC Bank.

Sun King Nigeria is part of the Greenlight Planet Sun King group, which has revolutionised solar energy access to consumers that lack access to reliable grid electricity across Africa and Asia. The company designs, distributes, installs and finances solar home systems that power a range of home appliances in low and middle-income households.

The transaction is a pioneering and replicable example of blended and innovative finance that combines domestic denominated lending, development capital, and commercial debt to drive scalable and inclusive energy transition solutions in emerging markets.

The Freshfields team comprised Anna Nersesian (Partner), members of the firm’s Africa group, Tumise Jegede and Amanda Mapanda (Senior Associates), supported by Jeffrey Effah (Senior Associate). Hong Kong law advice was provided by Don Methven (Counsel) and Rebecca Graves (Associate). US law advice was provided by Kyle Lakin (Partner) and Carolina Romero (Associate).