SunKing DEBT (IFC-49508)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Greenlight Nigeria Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 17, 2025

Disclosed by Bank Nov 21, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the Project entails providing Greenlight Planet Sun King Nigeria Limited (“SNL”), a distributor and financier of solar products, with a senior loan to support expansion of the Company’s Pay-As-You-Go or consumer finance portfolio and product offerings to low and middle-income earning households and Micro, Small and Medium Enterprises (MSMEs) in the Federal Republic of Nigeria. The proceeds will also derisk the foreign currency mismatch between SNL’s foreign currency obligations and its local currency portfolio.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC's 2012 Policy on Environment and Social Sustainability. The proposed project will have limited adverse E&S impacts that are few, site specific, largely reversible, and readily addressed through existing mitigation measures and good international industry practices (GIIP), including those reflected in the E&S Action Plan (ESAP) attached to this document. Key E&S risks and issues for this investment are (i) company capacity to develop and implement operational procedures for the Environmental and Social Management System (ESMS) appropriate to the project E&S risk profile and in line with IFC’s PSs, (ii) (fair, safe and healthy working conditions in line with IFC’s PSs for employees, agents and contractors; (iii) approach to its own and third-party workers’ with a focus on occupational, health and safety (OHS) for sales agents and solar panel installation technicians and gender based policies for women sales agents and women-owned MSMEs within the company’s distribution network.; (iv) supply chain policies and procedures for solar equipment and batteries (v) emergency preparedness and response plan, including life and fire safety (L&FS) at the warehouses, shops/stores and offices; (vi) management of electronic waste; (vii) traffic and security management during distribution and at the warehouses, and (viii) infrastructure and equipment design and safety during installation of solar panels.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Total project cost and amount: Up to US$80 million equivalent in local currency

Nature of IFC’s investment: Senior loan to SNL with a tenor of up to seven years, of which US$25 million will be provided by IFC for its own account; US$25 million will be provided through a blended finance concessional loan mobilized by IFC; and US$30 million will be provided by a local commercial bank.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Greenlight Planet Sun King Nigeria Limited is a distributor and financier of solar products in Nigeria and is a wholly owned subsidiary of Greenlight Planet Inc., through an intermediate entity – Greenlight Planet Hong Kong Limited.

The Group is also a distributor and financier of solar products with operations in Africa and Asia, largely serving the unbanked through a global network of over 27,000 agents and 352 branches. it's largest shareholder include General Atlantic (GL) L.P. and LeapFrog IV SK Holdings. The founders of the Group continue to hold significant minority stake in the Group.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Greenlight Planet Sun King Nigeria Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Greenlight Planet Sun King Nigeria Limited
Victory Olumuyiwa
Global Head of Treasury & Investor Relations
+234 803 378 7205
victory.olumuyiwa@sunking.com
19 Adekunle Fajuyi Way, Ikeja GRA, Lagos, Nigeria
https://sunking.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works