Stanbic Bank Kenya has signed a Memorandum of Understanding with Premier Solar Solutions Limited to expand access to affordable and reliable solar energy solutions for businesses across the country. The partnership strengthens the Bank’s renewable energy proposition and supports Kenya’s transition to clean and stable power.
Speaking at the signing ceremony, Priscilla Were, Head of Sustainability at Stanbic Bank Kenya, said the partnership reflects the Bank’s commitment to supporting sustainable growth and addressing longstanding barriers to renewable energy adoption.
“Renewable energy is a strategic priority for Stanbic Bank because it supports Kenya’s economic resilience and long-term prosperity. Access to stable and affordable power is essential for businesses. Through this partnership with Premier Solar, we are removing barriers that have slowed the adoption of clean energy,” said Ms Were.
Redesigned Financing to Drive Solar Adoption
Stanbic Bank has overhauled its renewable energy financing structure to make solar solutions more accessible to businesses of all sizes. The redesigned offering includes loan tenors of up to ten years, up to 100% financing covering both equipment and installation costs, simplified credit assessments for SMEs and commercial clients, and no additional collateral requirements for eligible customers.
“We have redesigned our renewable energy financing so that more clients can transition to solar with ease. With loan tenors of up to ten years, up to 100% financing, simplified credit checks for SMEs and no additional collateral for eligible customers, we are making renewable energy more accessible and more affordable,” added Ms Were.
Under the collaboration, clients will receive free energy audits to determine their energy requirements and suitable system size, streamlined documentation, a moratorium on principal repayments during the installation and development phase, discounted interest rates, and zero processing fees for enterprise clients. All installations funded under the partnership will use Tier 1 solar panels, batteries and inverters sourced through accredited EPC partners.
A Catalyst for Clean Energy Growth
Premier Solar Solutions CEO, Rupesh Hindocha, welcomed the agreement as a significant step forward for Kenya’s commercial and industrial solar sector. Premier Solar Solutions operates as part of the StarSite Premier Energy Group, which manages renewable energy operations across East Africa including Kenya, Uganda and Tanzania. The company has completed over 40 projects totaling 20 megawatts of solar capacity and 10 megawatt hours of battery storage in Kenya alone.
“Premier Solar is committed to providing clean, affordable and reliable power to businesses in Kenya. Working with Stanbic Bank enables more enterprises to adopt high-performing solar systems through flexible and accessible financing,” said Hindocha.
Hindocha described Stanbic’s initiative as a landmark moment for the sector, noting that banks have historically been unable to offer long-dated lending facilities specifically designed for solar and renewable energy technologies. He expressed confidence that the partnership would serve as a catalyst for future growth of solar and battery energy storage systems within Kenya’s commercial and industrial sector.
Supporting Kenya’s Clean Energy Transition
By deploying capital into clean energy investments, Stanbic Bank aims to contribute to reducing carbon emissions, enhancing energy access, and strengthening economic resilience through reliable power solutions. The Bank’s renewable energy financing supports businesses and households in lowering operational costs, improving power reliability, and advancing national climate goals.
“Our goal is to support our clients throughout the transition, from sourcing equipment to installation and financing. Together with Premier Solar, we will help businesses reduce energy costs, improve reliability and contribute to Kenya’s clean energy goals,” said Ms Were.
The partnership underscores both organizations’ commitment to driving sustainable growth not only in Kenya but across Africa, as businesses increasingly seek stable, cost-effective alternatives to conventional power sources.
