NCBA Bank is mobilizing at least KES 30 billion to invest in sustainable finance by 2030.
Through its Change the Story initiative, which was launched in 2023, NCBA aims to help its over 60 million customers transition to low-carbon pathways and meet their net zero goals.
In partnership with solar tech firm Ofgen Africa, with its accessible and flexible financing and leasing solutions, NCBA plans to expand similar renewable energy projects across other industries, particularly targeting small and medium-sized enterprises (SMEs) that often face funding gaps but are eager to adopt green energy solutions.
The two firms have recently installed roof-mounted, grid-tied 181kWp (DC)/130kWp (AC) Solar PV system to Haco Industries aimed at helping Haco Industries with a one-stop shop solution for sustainability to achieve their sustainability goals without compromising cash flow or working capital.
“We are thrilled to support Haco Industries in this transformative shift toward clean energy,” said Robert Marete, NCBA Deputy Director Leasing LLP. “This project is an example of how sustainable financing and innovative partnerships can help businesses adopt green technologies and secure long-term financial and environmental gains.”
Haco Industries told Kenya’s BusinessTech the deal will achieve a 41 per cent reduction in electricity bills, generating significant cost savings that can be reinvested into business growth, innovation, and operations.
Specifically, 41 per cent of the company’s energy needs will now be met by renewable solar power, reducing reliance on the national grid and cutting carbon emissions.
“We are happy to partner with NCBA and Ofgen Africa on this sustainability journey. This solar installation is a significant milestone for us and it is a step forward for us to reduce our operational costs. We believe this investment strengthens our business and reinforces our promise to the communities we serve.” Said Maryann Musangi – MD, Haco Industries
With this project now complete, Haco Industries is positioned as a trailblazer in Kenya’s manufacturing sector, leading the way in responsible, forward-looking business practices.