Sterling Bank, StarTimes target N2bn solar financing by 2026

Sterling Bank and StarTimes Nigeria have launched solar financing hubs across selected retail outlets in Lagos, targeting N2 billion in renewable energy financing by the end of 2026 as they seek to expand access to off-grid power for households and small businesses.

The initiative allows customers to apply for financing at the point of purchasing solar systems in participating StarTimes stores, with Sterling Bank providing credit assessment and financing support.

According to the companies, the partnership has already facilitated more than N600 million in solar financing over the past year. The new target represents a more than threefold increase as demand grows for alternative power solutions amid persistent electricity supply challenges.

The first phase of the rollout will begin this month with five financing hubs in Lagos, located in Lekki, Ikeja, Festac, Surulere and Victoria Island.

Speaking at the launch, Darlington Nwankwo, divisional head of Renewable Energy and Mobility at Sterling Bank, said the initiative is designed to reduce the high upfront cost that often prevents households and businesses from adopting solar energy.

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Nwankwo explained that the partnership with StarTimes will bring solar financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs.

“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” he said.

Under the arrangement, customers can visit participating StarTimes outlets, select a solar solution, receive guidance from Sterling’s financing advisers and begin the loan application process, subject to the bank’s credit assessment.

The network will expand to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with plans to extend the model to more than 200 locations across the country.

Sterling Bank has also said the initiative forms part of its broader strategy to support renewable energy financing and accelerate the adoption of clean energy solutions in Nigeria.

The partnership comes as rising electricity tariffs, unreliable grid supply and the increasing cost of diesel and petrol continue to drive demand for solar energy among Nigerian homes and businesses.

Eric Xiao, vice president of StarTimes Nigeria, said that with the rollout of the Sterling Solar Financing Hubs, the company is not only building a sustainable energy ecosystem but also significantly lowering the barrier for Nigerian households and small businesses to access clean energy.

“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all,” he said.

As the partnership scales nationwide, Sterling Bank and StarTimes will continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.

 

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