Synafare, a renewable energy supply-chain and financing company, is offering solar businesses access to financing of up to ₦100 million per merchant to support expansion, equipment purchases, procurement and entry into new markets.

The initiative was announced at the company’s Solar Roundtable 2.0 in Lagos, where industry stakeholders examined financing barriers, supply-chain difficulties and opportunities for growth in Nigeria’s solar energy sector.

Tobi Esho, Chief Executive Officer and co-founder of Synafare, said the company was established approximately two years ago to address funding constraints affecting solar installers and other businesses in the renewable energy industry.

He explained that Synafare had since expanded its operations beyond providing credit to installers, connecting manufacturers, distributors and developers through a platform that combines access to genuine products at competitive prices with financing for procurement and business expansion.

According to Esho, businesses seeking credit must demonstrate sound operational structures and consistent commercial activity to meet lenders’ expectations.

“Credit doesn’t go to businesses just because they exist. Financial institutions want to see predictability, structure and business activity,” Esho said.

He explained that the first edition of the Solar Roundtable concentrated on marketing, business positioning and helping installers organise their operations to improve their access to financing.

The second edition broadened the conversation to include supplier relationships, competitive pricing and opportunities for installers to expand into retail and product distribution.

Synafare currently serves more than 2,000 businesses in the renewable energy sector, providing supply-chain assistance and financial support for equipment purchases and project execution.

Its product range includes inverters, batteries, solar equipment, energy-efficient appliances, electric bikes and tricycles. Through partnerships with manufacturers and authorised distributors, the company also provides logistics services and buy-now-pay-later financing to installers, end customers and distributors purchasing products in bulk.

Esho disclosed that two merchants had secured a combined ₦170 million in financing before the event officially commenced. The company aims to extend the initiative to 100 merchants.

He urged solar installers to explore retail and distribution as additional business opportunities, explaining that bulk procurement could reduce purchasing costs and improve profit margins.

He also advised companies pursuing larger contracts from corporate organisations and government agencies to strengthen their professional structures, workforce and operational capacity.

At a panel session themed “The Future of Solar Trade in Nigeria,” industry participants discussed the importance of technical standards, workforce development and dependable electricity access in growing the solar market.

Babafemi Isaac, Founder and Chief Executive Officer of Kommercial Solar Limited, described his company’s progression from residential installations to serving larger customers.

He identified functionality, safety and aesthetics as essential considerations in delivering quality solar installation services. Isaac also stressed that business expansion requires the recruitment and training of additional workers, including roofers and other artisans, alongside effective quality-control measures as project demands increase.

Chinwe Udo Udun Davies, Founder and Chief Executive Officer of Instoller, highlighted staff training and digital tools as important factors in enabling solar businesses to operate across multiple locations.

“The cost of not training your people means your business can go down,” she said, urging entrepreneurs to invest in employee development instead of attempting to manage every aspect of their businesses themselves.

Tega Ishaya, a COREN-registered electrical engineer and commercial development associate at Elektron Energy Development Strategies Limited, said Nigeria’s electricity access gap offered opportunities for solar companies to serve different categories of consumers.

These include underserved customers experiencing unreliable electricity supply and unserved communities without access to electricity.

Discussions at the event underscored the importance of combining access to financing with dependable supply chains, skilled personnel and quality assurance to compete effectively for larger projects.

For solar entrepreneurs, Synafare’s initiative offers an opportunity to strengthen purchasing capacity, meet customer orders and explore distribution and retail markets. However, sustainable expansion also requires effective financial management, trained workers and operational systems capable of supporting business growth.

Source: MSMEAfricaOnline