Stanbic Bank Unveils Affordable Solar Financing to Accelerate Kenya’s Clean Energy Transition
Stanbic Bank Kenya, a member of the Standard Bank Group, has launched an enhanced Renewable Energy Proposition to drive the country’s transition to clean and reliable power. The initiative aims to make solar energy more affordable for households and businesses, supporting Kenya’s broader goal of achieving universal electricity access by 2030.
During the signing of a Memorandum of Understanding with Safer Power Limited, a leading engineering and renewable energy firm, the Bank reaffirmed its commitment to advancing sustainable finance and expanding access to renewable energy solutions across the country.
Florence Wanja, Regional Head for East Africa, Business and Commercial Banking at Stanbic Bank, said:
“Renewable energy is a strategic priority for Stanbic Bank as part of our purpose, ‘Kenya is our home, we drive her growth.’ Access to affordable and sustainable power is vital for Kenya’s economic development. Our partnership with Safer Power will help more individuals and businesses access clean energy through flexible financing and credible partnerships.”
She added that the redesigned renewable energy product gives clients greater flexibility and affordability. With loan tenors of up to ten years, financing of up to 100 percent, and a moratorium on principal repayments during project development, Stanbic is making it easier for both businesses and individuals to adopt solar power.
According to 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 expected to continue at over 28 percent annually through 2027.
The bank’s enhanced Renewable Energy Proposition includes simplified credit assessments for small and medium-sized enterprises (SMEs) and projects below USD 50,000 (about KES 6.5 million). Clients in this category can qualify using account turnover records rather than full financial statements, with no additional collateral required. Documentation requirements have also been streamlined to ensure quicker access to financing.
Through its network of approved engineering, procurement, and construction (EPC) partners, Stanbic Bank clients will receive free energy audits to determine their power needs and the most suitable solar system sizes. Equipment such as panels, inverters, and batteries will be sourced exclusively from Tier 1 manufacturers to guarantee high performance and reliability.
The Bank has also introduced discounted interest rates and zero processing fees for SMEs seeking renewable energy loans, providing relief amid tough economic conditions.
Dalmus Mbai, Group CEO of Safer Power Limited, said:
“Our partnership with Stanbic Bank Kenya enables us to deliver affordable and sustainable energy solutions to even more clients. Together, we are accelerating the country’s clean energy transition by pairing innovative technology with flexible financing.”
This collaboration forms part of Stanbic Bank’s broader strategy to promote sustainability, empower clients to transition to renewable energy, and strengthen Kenya’s energy independence.
Key benefits of Stanbic Bank’s Renewable Energy Proposition include:
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Loan terms of up to ten years for increased affordability
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Up to 100 percent project financing
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Moratorium on principal repayment during development
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Simplified turnover-based lending for SMEs and smaller projects
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No additional collateral for qualifying clients
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Free energy audits from approved EPC partners
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Competitive interest rates and zero processing fees
Stanbic’s business and commercial clients also gain access to the Standard Bank Sustainability Academy, a free learning platform offering insights and training in sustainability and Environmental, Social, and Governance (ESG) practices. The academy covers topics such as renewable energy adoption, climate-smart agriculture, water and waste management, and carbon markets.
“With our flexible and affordable financing, we are helping Kenya move closer to universal electrification,” Ms Wanja concluded.
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