Stanbic Bank Kenya has launched an enhanced Renewable Energy Proposition. It aims at accelerating Kenya’s shift toward affordable, clean, and reliable power. This move aligns with the country’s target of universal electricity access by 2030.
The initiative was unveiled during a Memorandum of Understanding [MoU] signing with Safer Power Limited. Safer Power is an established engineering and solar energy EPC firm. This initiative marks the bank’s latest pivot toward sustainable finance as demand for renewable energy surges. Kenya’s installed solar capacity reached 229 megawatts by mid-2024. This is according to KIPPRA and IEA data, and is projected to grow 28% annually through 2027.
Removing Barriers for Small Renewable Projects
Under the redesigned package, clients can now access up to 100% financing for renewable energy projects. They will enjoy loan tenors of up to ten years. They will also benefit from a moratorium on principal repayments during the development phase. For small enterprises, the offer introduces turnover-based credit assessment for installations below USD 50,000. It eliminates the need for full financial statements or additional collateral.
Florence Wanja, Regional Head for East Africa, Business and Commercial Banking at Stanbic Bank, said the shift reflects a growing recognition that energy affordability is central to Kenya’s economic growth. “Our partnership with Safer Power represents a shared commitment to enabling access to clean energy through innovative financing, advisory services, and collaboration with credible players in the sector,” she noted.
Beyond finance, EPC partners will provide free energy audits and source equipment from Tier 1 manufacturers. This will ensure efficiency and reliability.
Industry observers see the development as a clear sign of growing confidence in Kenya’s solar market and a test of how banks balance risk with long-term sustainability goals. Stanbic is betting that accessible financing, more than technology alone, will shape the next phase of Kenya’s energy transition.
