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Renewable energy supply-chain and financing company, Synafare, is deploying a technology-enabled trade model to improve access to financing and equipment for solar businesses, offering eligible merchants up to N100 million to expand operations and meet growing demand for alternative energy solutions.
The initiative, unveiled at the company’s Solar Roundtable 2.0 in Lagos, seeks to address longstanding challenges in equipment procurement, access to credit and supply-chain efficiency within Nigeria’s renewable energy sector.
Through its platform, Synafare connects manufacturers, authorised distributors, solar installers and end users, enabling businesses to source authentic products at competitive prices while accessing financing to support equipment purchases and project execution.
The model combines digital trade, logistics and buy-now-pay-later financing to help businesses overcome capital constraints that often limit their ability to scale operations.
Speaking at the event, Tobi Esho, chief executive officer and co-founder of Synafare, said the company was established about two years ago to address financing difficulties confronting solar installers and other players in the renewable energy value chain.
He said the company had since expanded beyond providing credit to installers to building a broader supply-chain ecosystem that links product suppliers with businesses and customers requiring renewable energy equipment.
“Credit doesn’t go to businesses just because they exist. Financial institutions want to see predictability, structure and business activity,” Esho said.
According to him, Synafare currently works with more than 2,000 businesses in the renewable energy sector, providing supply-chain support and financing to enable them to procure equipment and execute projects.
The company’s product portfolio includes solar equipment, inverters, batteries, energy-efficient appliances, electric bikes and tricycles. Its services also cover logistics and financing arrangements for installers, end users and distributors seeking to purchase products in bulk.
Esho explained that individual merchants could access financing of up to N100 million, depending on their turnover, with a typical minimum financing amount of about N10 million.
He disclosed that two merchants received financing totalling N170million during the event, while the company was targeting 100 merchants under the initiative.
As part of efforts to reduce the cost of accessing equipment and credit, Synafare negotiated special prices with participating distributors and reduced its monthly financing rate from the usual four to five per cent to 3.5 per cent for the roundtable initiative.
Esho urged solar installers to expand into product retail and distribution, noting that bulk procurement could lower acquisition costs and improve profit margins.
He also advised businesses seeking larger corporate and government contracts to strengthen their organisational structures, workforce and operational capacity to meet more demanding project requirements.
Industry stakeholders at a panel session themed, “The Future of Solar Trade in Nigeria,” identified technical standards, workforce development, digital tools and reliable electricity access as important factors in scaling renewable energy businesses.
Babafemi Isaac, founder and chief executive officer of Kommercial Solar Limited, said his business had expanded from residential installations to serving larger customers, requiring additional personnel and stronger quality-control processes.
He identified functionality, safety and aesthetics as essential considerations in solar installations, adding that workforce development was necessary to maintain service quality as project volumes increased.
Chinwe Davies, founder and chief executive officer of Instoller, stressed the importance of staff training and digital tools in helping solar businesses manage operations across multiple locations.
“The cost of not training your people means your business can go down,” she said, urging business owners to invest in employee development and delegate responsibilities to improve efficiency and support expansion.
Also speaking, Tega Ishaya, a COREN-registered electrical engineer and commercial development associate at Elektron Energy Development Strategies Limited, said Nigeria’s electricity access deficit presented considerable opportunities for solar technology providers.
She distinguished between underserved consumers, who receive unreliable electricity, and unserved communities without electricity access, urging businesses to develop solutions that address the needs of both markets.
The discussions highlighted the role of technology-enabled trade, accessible financing, dependable supply chains and skilled personnel in strengthening Nigeria’s renewable energy ecosystem.
As solar adoption expands, industry players are expected to require more efficient procurement systems and financing models to support equipment distribution, improve project delivery and reach consumers underserved by the conventional electricity grid.
