SBM Bank, Safer Power Ink USD 17 Million Green Energy Manufacturing Financing Deal

SBM Bank Kenya and Safer Power Group have unveiled a partnership that will see the bank extend USD 17 million financing to support green energy manufacturing workshop and the construction of a factory.

Through the partnership, Safer Power – a licensed panel builder for global energy technology leader, Schneider Electric – will significantly boost local production of essential power infrastructure, including specialized switchboards, control panels, synchronization panels, distribution boards, meter boards, changeover systems, and battery racks.

The strategic partnership comes at a transformative time for East Africa’s clean energy landscape whose renewable energy market has reached USD 4.3 billion in 2025, according to a recent industry data from market research firm IMARC Group and is projected to expand significantly as regional industrialization drives demand.

Additionally, the International Renewable Energy Agency (IRENA) indicates that transitioning to clean energy and localized green technology manufacturing could boost regional GDP by up to 6.4% while generating thousands of specialized technical jobs.

Speaking at the partnership announcement event, Edgar Mwandawiro, Chief Risk Officer at SBM Bank Kenya emphasized the role of targeted financial solutions in scaling sustainable technology across the region.

“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,” he said.

Safer Power Ltd Chief Executive Officer Dalmus Mbai said:

“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. By localizing engineering, assembly, and green hydrogen technology, we can drastically reduce import dependency, create high-value technical jobs, and lower energy transition costs for industries across the region.”

SBM Bank Kenya’s net loan book surpassed KSh 50 billion for the first time in 2026, expanding 18.3% year-on-year to hit KSh 54.09 billion by the end of June. This growth stems from a deliberate, multi-year strategic transformation to move away from low-yielding government securities and actively pivot toward financing micro, small, and medium enterprises (MSMEs) and local businesses.

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