NCBA Leasing LLP in Sh500M Solar Project Bid

In response to the shift to clean energy, NCBA Bank subsidiary NCBA Leasing LLP has committed to a Sh500 million solar financing facility.

According to the bank, the solar financing product is designed to empower businesses by providing them with a dependable and affordable way to invest in solar power systems, thereby removing the financial barriers to 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.

Utilization of solar power has increased significantly over the years, with an increasing number of homes and businesses installing solar plants to reduce reliance on Kenya Power’s expensive and unreliable supply.

Data from the Energy and Petroleum Regulatory Authority indicates solar accounted for 3.5 percent of the national grid as of the end of August, trailing wind at 16.2 percent, hydro at 22.4 percent, and geothermal (45.3 percent).

The majority of middle-income Kenyan families who are not connected to the national grid have turned to solar power to light their homes.

According to the 2019 census report, solar lighting is used in 19.3 percent of homes, with rural areas accounting for more than 29.9 percent.