NCBA Bank Powers African SMEs: KES 30 Billion Investment for a Solar Future
NCBA Bank is spearheading a significant move towards sustainable development, committing to mobilize a minimum of KES 30 billion by 2030 for sustainable finance initiatives. This ambitious target forms a core part of its ‘Change the Story’ initiative, launched in 2023, which aims to guide its extensive customer base of over 60 million towards adopting low-carbon strategies and achieving their net-zero environmental objectives. This commitment underscores NCBA’s dedication to fostering a greener economy, particularly within the dynamic African market by making green energy accessible.
Empowering SMEs with Green Energy Solutions
To realize its vision, NCBA Bank has forged a strategic partnership with Ofgen Africa, a leading solar technology firm. Together, they are introducing innovative and flexible financing and leasing solutions designed to expand renewable energy projects across various sectors. A primary focus of this collaboration is to address the critical funding gaps often faced by Small and Medium-sized Enterprises (SMEs) – businesses that are keen to integrate green energy but struggle with initial investment costs. This alliance provides an accessible pathway for SMEs to transition to solar power, reducing operational expenses and their carbon footprint. A notable success story is the recent installation of a roof-mounted, grid-tied 181kWp (DC)/130kWp (AC) Solar PV system at Haco Industries. This comprehensive, one-stop-shop sustainability solution allows Haco Industries to pursue its environmental goals without compromising its vital cash flow or working capital. This transformative project exemplifies the impact NCBA and Ofgen aim to replicate, enabling businesses to make a crucial shift towards cleaner energy sources. NCBA expressed enthusiasm for supporting Haco Industries in this pivotal transition towards clean energy, highlighting the project’s importance.
NCBA Bank’s proactive approach, in collaboration with Ofgen Africa, represents a pivotal step in democratizing access to renewable energy for African businesses. By channeling substantial investment and providing tailored financial solutions, the bank is not only facilitating individual enterprises in reaching their sustainability targets but is also contributing significantly to a resilient, low-carbon future for the continent. This initiative holds immense potential to unlock economic growth while fostering environmental stewardship among SMEs.
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