Nairobi, Kenya — Business and homeowners seeking to install renewable energy can now get financing from Stanbic Bank.
The subsidiary of the Standard Bank Group 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.
At a Memorandum of Understanding (MoU) signing 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 on Monday, November 3, Florence Wanja, Regional Head, East Africa, Business and Commercial Banking at Stanbic Bank, said Renewable energy is a strategic priority for the Bank.
“As part of our purpose ‘Kenya is our home, we drive her growth. We recognise that access to affordable and sustainable power is essential for Kenya’s economic development.
“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,” said Wanja.
Wanja noted that the lender redesigned its 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, the bank is making it easier for businesses and individuals to adopt solar energy solutions.
What’s Kenya’s solar capacity
Recent data from the Kenya Institute for Public Policy Research and Analysis (KIPPRA) and the International Energy Agency (IEA) shows that 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 enhanced Renewable Energy Proposition also includes simplified credit assessment for SMEs and small ticket size installations below $50,000 (KSh 6.5 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.
Stanbic Bank’s on-boarded EPC partners will 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 the collaboration with Stanbic Bank Kenya enhances the company’s 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,” said Mbai.
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.
The enhanced Renewable Energy Proposition provides:
• Loan tenor of up to 10 years to enhance affordability.
• Up to 100% financing for eligible renewable energy projects.
• Moratorium on principal repayments during the development phase.
• Simplified turnover-based lending for SMEs and installations below $50,000 (approximately KSh 6.5 million).
• No additional collateral required for qualifying clients.
• Access to a panel of credible Solar EPCs.
• Free energy audits by accredited EPC partners.
• 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 noted.
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