Stanbic Bank Kenya has unveiled an enhanced Renewable Energy Proposition to accelerate Kenya’s transition to clean, reliable energy and support the country’s journey towards sustainable economic growth.
While signing a Memorandum of Understanding (MoU) with Safer Power Limited, a leading Engineering, Procurement and Construction (EPC) company in the renewable energy sector, the Bank reaffirmed its commitment to advancing sustainable finance and expanding access to affordable renewable energy solutions for businesses and households nationwide.
Speaking during the signing ceremony in Nairobi Monday, Florence Wanja, the Regional Head, East Africa Business and Commercial Banking at Stanbic Bank, mentioned that renewable energy is a strategic priority for Stanbic Bank as part of its purpose. “Kenya is our home, we drive her growth,” she said.
“We recognise that access to affordable and sustainable power is essential for Kenya’s economic development therefore, our partnership with Safer Power represents a shared commitment to enable access to clean energy through innovative financing, advisory services, and strong collaboration with credible players in the sector,” noted Wanja.
“We have redesigned our renewable energy offering to give clients more flexibility, affordability, and access to clean energy,” she added, highlighting that with extended loan tenors of up to ten years, bank financing of up to 100 percent and a moratorium on principal repayments during the project development phase, the bank is making it easier for businesses and individuals to adopt solar energy solutions.
According to Wanja, recent data from the Kenya Institute for Public Policy Research and Analysis (KIPPRA) and the International Energy Agency (IEA) show that Kenya’s installed solar capacity surpassed 229 megawatts by mid-2024, with growth projected at over 28 percent annually through 2027.
Additionally, solar power remains one of the country’s most promising renewable resources and a key driver of its goal to achieve universal electricity access by 2030.
Further, she reported that the enhanced Renewable Energy Proposition also includes simplified credit assessment for SMEs and small ticket size installations below USD 50,000 (approximately Sh6.5 million), where clients only need to provide account turnover records instead of full financial statements.
“In addition, no additional collateral will be required for eligible clients, and documentation requirements have been streamlined to accelerate access to financing,” she assured.
Similarly, Wanja announced that Stanbic Bank’s onboarded EPC partners will provide free energy audits to determine client energy requirements and appropriate solar system sizes, ensuring that each installation delivers maximum efficiency.
She disclosed that solar equipment, including panels, batteries, and inverters, will be sourced exclusively from Tier 1 manufacturers, ensuring the highest quality and reliability.
Equally, Wanja revealed that the Bank has also introduced discounted interest rates and NIL processing fees for SMEs for renewable energy loan facilities, providing a financial cushion for clients amid the prevailing economic environment.
Commenting on the partnership, Dalmus Mbai, Group Chief Executive Officer (CEO) of Safer Power Limited, stated that the Company’s collaboration with Stanbic Bank Kenya enhances its ability to deliver clean and affordable energy solutions to businesses and households across the country.
“Together, we are driving Kenya’s renewable energy transition by combining innovative technology with accessible and flexible financing,” he affirmed.
In a nutshell, the Key highlights of Stanbic Bank’s enhanced Renewable Energy Proposition include a loan tenor of up to 10 years to enhance affordability, up to 100 percent financing for eligible renewable energy projects, moratorium on principal repayments during the development phase, and simplified turnover-based lending for SMEs and installations below USD 50,000 (approximately Sh6.5 million).
Others include a No additional collateral required for qualifying clients, Access to a panel of credible Solar EPCs, Free energy audits by accredited EPC partners, and Competitive interest rates.
“With our competitive and flexible renewable energy financing, we aim to accelerate solar adoption and support Kenya’s vision of universal electrification,” Wanja concluded.
Meanwhile, the partnership with Safer Power forms part of Stanbic Bank’s broader strategy to deliver end-to-end financial and technical solutions that support Kenya’s national sustainability goals, empower clients to transition to renewable energy, and strengthen the country’s resilience and energy independence.
As well, Stanbic’s business and commercial clients also get access to Standard Bank’s Sustainability Academy: a comprehensive learning platform designed to bridge the sustainability knowledge gap and empower business clients across the continent with practical sustainability and environmental, social, and governance solutions.
By Michael Omondi
