Stanbic Bank Kenya, has partnered with Safer Power Limited, in a move to advance sustainable finance and expand access to affordable renewable energy solutions for businesses and households nationwide.
Speaking during the signing ceremony, Ms Florence Wanja, Regional Head, East Africa, Business and Commercial Banking at Stanbic Bank, said: “We have redesigned our renewable energy offering to give clients more flexibility, affordability, and access to clean energy. With extended loan tenors of up to ten years, bank financing of up to 100% and a moratorium on principal repayments during the project development phase, we are making it easier for businesses and individuals to adopt solar energy solutions.”
The partnership aims to accelerate Kenya’s transition to clean, reliable energy and support the country’s journey towards sustainable economic growth in Kenya, where, according to recent data from the Kenya Institute for Public Policy Research and Analysis (KIPPRA) and the International Energy Agency (IEA), Kenya’s installed solar capacity surpassed 229 megawatts by mid-2024, with growth projected at over 28% annually through 2027.
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.
The partnership includes simplified credit assessment for SMEs and small ticket size installations below USD 50,000 (approximately KES 6.5 million), where clients only need to provide account turnover records instead of full financial statements. Eligible clients will need no collateral but documentation to accelerate access to financing.
Stanbic Bank will also provide free energy audits to determine client energy requirements and appropriate solar system sizes, ensuring that each installation delivers maximum efficiency. Solar equipment, including panels, batteries, and inverters, will be sourced exclusively from Tier 1 manufacturers, ensuring the highest quality and reliability.
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 CEO of Safer Power Limited, said: “Our collaboration with Stanbic Bank Kenya enhances our 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.”
The bank says the loan tenor will go to up to 10 years to enhance affordability, up to 100% financing for eligible renewable energy projects and there is simplified turnover-based lending for SMEs and installations below USD 50,000 (approximately KES 6.5 million).
