Stanbic Bank Kenya has rolled out an enhanced Renewable Energy Proposition aimed at boosting access to affordable solar power and accelerating Kenya’s shift to sustainable energy.
The bank on Monday signed a Memorandum of Understanding (MoU) with Safer Power Limited, a leading engineering and renewable energy firm, to support households and businesses in adopting solar energy through flexible financing.
Florence Wanja, Stanbic’s Regional Head of Business and Commercial Banking, said the initiative aligns with the bank’s purpose of driving Kenya’s growth through clean energy investments.
“We recognize that access to reliable and affordable power is vital for economic development. Our partnership with Safer Power reflects our commitment to enabling clean energy access through innovative financing and collaboration,” said Wanja.
The new plan offers loan tenors of up to 10 years, up to 100 percent project financing, and a moratorium on principal repayments during project development. It also provides simplified credit assessments for SMEs and installations below USD 50,000 (approx. Ksh6.5 million), eliminating the need for additional collateral.
Clients will further benefit from free energy audits, discounted interest rates, and zero processing fees for renewable energy loans, making solar installations more accessible.
Solar components, including panels and batteries, will be sourced from Tier 1 manufacturers to ensure efficiency and reliability.
Safer Power CEO Dalmus Mbai said the partnership will enhance nationwide delivery of affordable, sustainable energy solutions.
“Together, we are driving Kenya’s clean energy transition through innovation and inclusive financing,” he noted.
Kenya’s installed solar capacity surpassed 229 megawatts by mid-2024, with projections showing continued growth at 28 percent annually through 2027, according to KIPPRA and the International Energy Agency.
The partnership forms part of Stanbic’s broader sustainability agenda, which includes supporting businesses through the Standard Bank Sustainability Academy, offering training on environmental and governance practices across Africa.
