NAIROBI, Kenya —Stanbic Bank Kenya has unveiled a major renewable energy financing programme aimed at accelerating the country’s transition to affordable and sustainable solar power for homes and businesses.
The initiative, announced during a Memorandum of Understanding (MoU) signing with Safer Power Limited, a leading renewable energy engineering and construction firm, reinforces Stanbic’s commitment to supporting Kenya’s national sustainability goals and driving economic growth through cleaner, more reliable power sources.
The new scheme introduces flexible and accessible financing options for both individuals and enterprises, marking one of the most ambitious green lending offerings in Kenya’s banking sector to date.
Driving Kenya’s Sustainable Growth
The enhanced Renewable Energy Proposition forms part of Stanbic Bank’s broader strategy to expand sustainable finance and promote the adoption of solar energy solutions nationwide. The programme targets small and medium-sized enterprises (SMEs), homeowners, and large commercial operations looking to reduce reliance on grid electricity and transition to renewable power.
Ms Florence Wanja, Regional Head for East Africa, Business and Commercial Banking at Stanbic Bank, said the bank’s renewed focus on renewable energy reflects its role in advancing Kenya’s economic and environmental development.
“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. 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 Ms Wanja.
Under the revamped proposition, clients will now benefit from loan tenors of up to ten years, financing of up to 100% of project costs, and a moratorium on principal repayments during the project’s development phase — measures designed to make solar installation more attainable for households and businesses alike.
“We have redesigned our renewable energy offering to give clients more flexibility, affordability, and access to clean energy,” Ms Wanja added. “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.”
Expanding Access Through Simplified Financing
According to Stanbic, the financing framework simplifies credit assessments for smaller projects, particularly those below USD 50,000 (approximately KES 6.5 million). In these cases, applicants will only be required to present account turnover records, rather than full financial statements, significantly easing the application process.
No additional collateral will be required for qualifying clients, and documentation has been streamlined to ensure faster approval timelines. The bank’s accredited Engineering, Procurement, and Construction (EPC) partners will also provide free energy audits to determine optimal system designs and ensure installations deliver maximum efficiency.
All equipment — including solar panels, batteries, and inverters — will be sourced exclusively from Tier 1 manufacturers, guaranteeing quality and durability. The bank has additionally introduced discounted interest rates and nil processing fees for SMEs, providing financial relief amid challenging market conditions.
Solar Power’s Growing Role in Kenya’s Economy
Kenya’s renewable energy market has witnessed rapid growth in recent years. Data from the Kenya Institute for Public Policy Research and Analysis (KIPPRA) and the International Energy Agency (IEA) shows that installed solar capacity exceeded 229 megawatts by mid-2024, with projections indicating annual growth above 28% through 2027.
Solar power is viewed as a cornerstone of Kenya’s long-term ambition to achieve universal electricity access by 2030, a goal aligned with global sustainability and climate resilience objectives.
Stanbic’s new proposition aligns directly with this trajectory, positioning the bank as a key enabler of private-sector participation in the clean energy transition.
Mr Dalmus Mbai, Group CEO of Safer Power Limited, said the partnership combines financial innovation with technical expertise to expand access to renewable energy across the country.
“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,” said Mr Mbai.
Empowering Clients Through Education and Sustainability
As part of the initiative, Stanbic’s Business and Commercial Clients will gain free access to Standard Bank’s Sustainability Academy, a digital platform offering training on practical Environmental, Social, and Governance (ESG) principles and sustainability practices.
The academy delivers online modules covering topics such as renewable energy technologies, climate-smart agriculture, carbon markets, and water management — helping businesses integrate sustainable strategies into their operations.
Commitment to a Greener Future
Stanbic’s Renewable Energy Proposition underscores its growing role in financing Africa’s clean energy transition. Beyond facilitating access to capital, the bank aims to foster knowledge, partnerships, and innovation across Kenya’s renewable energy landscape.
By combining flexible financing, expert guidance, and strong partnerships, Stanbic hopes to accelerate the shift toward solar energy and strengthen Kenya’s energy independence.
“With our competitive and flexible renewable energy financing, we aim to accelerate solar adoption and support Kenya’s vision of universal electrification,” Ms Wanja concluded.
Key Features of Stanbic Bank’s Renewable Energy Proposition:
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Loan tenors of up to 10 years
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Up to 100% financing for eligible projects
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Principal repayment moratorium during the development phase
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Simplified lending for projects under USD 50,000
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No additional collateral for qualifying clients
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Access to vetted EPC partners and free energy audits
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Competitive rates and zero processing fees for SMEs
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