NCBA Bank subsidiary, NCBA Leasing LLP has committed to a Sh500million solar financing facility amid shifts to clean energy.
The bank said the solar financing product is tailored to empower businesses by providing them with a reliable and affordable means to invest in solar power systems, therefore eliminating the financial barriers associated with solar adoption.
“As operational costs continue to rise, it is increasingly essential for enterprises to explore alternative power solutions that not only reduce expenditure but are also environmentally friendly,” NCBA Leasing LLP deputy director, Robert Marete said.
Uptake of solar energy has significantly grown over the years on a growing number of homes and businesses set up solar plants in a bid to cut reliance on the costly and unreliable supply from Kenya Power.
Data from the Energy and Petroleum Regulatory Authority shows that solar accounted for 3.5 percent of the national grid, behind wind at 16.2 percent, hydro at 22.4 percent, and geothermal (45.3 percent) as of the end of August.
The majority of middle-income families in rural Kenya who have not been linked to the national grid have turned to solar power for lighting their homes.
The 2019 census report put solar lighting uptake in homes at 19.3 percent with rural areas recorded above 29.9 percent.