SBM Bank in Sh2.2bn financing deal for green energy manufacturing
SBM Bank Kenya has partnered with Safer Power Group to extend USD 17 million (about Sh2.2 billion) in financing to support green energy manufacturing and the construction of a new factory.
Under the deal, Safer Power, a licensed panel builder for global energy technology firm Schneider Electric, will scale up local production of power infrastructure including switchboards, control panels, synchronization panels, distribution boards, meter boards, changeover systems and battery racks.
The partnership comes as East Africa’s renewable energy market, valued at USD 4.3 billion in 2025 according to market research firm IMARC Group, is projected to expand further on the back of regional industrialisation. The International Renewable Energy Agency (IRENA) estimates that clean energy transition and localised green technology manufacturing could lift regional GDP by up to 6.4 percent while creating thousands of specialised technical jobs.
“Commercial enterprises face rising operational costs and escalating climate risks, access to targeted capital is no longer just an ESG obligation. It is a necessary catalyst to unlock industrial resilience and energy sovereignty for our economy,” said Edgar Mwandawiro, Chief Risk Officer at SBM Bank Kenya, at the partnership announcement.
Safer Power chief executive Dalmus Mbai said local green energy manufacturers across the region face steep financial hurdles. “Local green energy manufacturers across East Africa face significant financial hurdles, from high upfront capital investments for specialized equipment to severe credit gaps and heavy reliance on expensive foreign supply chains,” he said, adding that localising engineering, assembly and green hydrogen technology would cut import dependency, create high-value technical jobs and lower energy transition costs for industries across the region.
The financing deal comes as SBM Bank Kenya’s net loan book crossed the Sh50 billion mark for the first time, growing 18.3 percent year-on-year to Sh54.09 billion by the end of June 2026. The lender has been pivoting away from low-yielding government securities toward financing micro, small and medium enterprises and local businesses as part of a multi-year strategic transformation.
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