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Sun King, a Chinese company, has obtained a loan of $80 million to power 4 million homes in Nigeria in the next four to five years.

According to Chief Financial Officer Krishna Swaroop, the funds will be used to help finance the installation of power in as many as 4 million households over the course of the next four to five years, in addition to the 2 million that Sun King has previously sponsored.

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The largest off-grid solar company in the world, Sun King, obtained funding from a World Bank-backed initiative to increase electrification in Nigeria.

The company stated in a statement on Thursday that it had obtained a $80 million loan from Stanbic IBTC Bank Ltd. and the International Finance Corp. in naira. To date, it is the biggest local currency energy access facility in West Africa.

According to Chief Financial Officer Krishna Swaroop, the funds will be used to help finance the installation of power in as many as 4 million households over the course of the next four to five years, in addition to the 2 million that Sun King has previously sponsored. Greenlight Planet was Sun King’s previous name.

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