Stanbic Bank Kenya, a member of the Standard Bank Group, 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.
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.
“Renewable energy is a strategic priority for Stanbic 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,” said regional head, East Africa, business and commercial banking at Stanbic Bank, Florence Wanja.
“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,” she added.
“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,” said Ms Wanja.
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 USD 50,000 (approximately KES 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 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.
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.
“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,” stated Group CEO of Safer Power Limited, Dalmus 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.
Key highlights of Stanbic Bank’s enhanced Renewable Energy Proposition:
• 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 USD 50,000 (approximately KES 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,” she concluded.
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 (ESG) solutions.
The academy offers businesses practical insights and training across key sustainability areas, including Sustainability and ESG principles; renewable energy options across industries; cost and production benefits of climate-smart agriculture; water and wastewater management solutions; and carbon markets.
