SBM Bank Kenya will provide $17 million in financing to Safer Power Group to expand local manufacturing of power infrastructure through the construction of a new factory and workshop, as the lender increases support for Kenya’s green industrial sector.
Safer Power, a licensed Schneider Electric panel builder, will use the funding to scale production of switchboards, control panels, distribution boards, synchronization panels and other electrical equipment used in commercial and renewable energy projects.
The investment comes as East Africa’s renewable energy market, valued at $4.3 billion in 2025 by IMARC Group, continues to grow on rising industrial demand. The International Renewable Energy Agency estimates that expanding clean energy and localized manufacturing could raise regional GDP by up to 6.4% while creating thousands of skilled jobs.
“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,” SBM Bank Kenya Chief Risk Officer Edgar Mwandawiro said.
Safer Power Chief Executive Officer Dalmus Mbai said the financing would help reduce dependence on imported equipment while supporting local engineering and manufacturing capacity.
The transaction aligns with SBM Bank’s strategy of increasing lending to businesses. The lender’s net loan book rose 18.3% year-on-year to KSh 54.09 billion at the end of June, surpassing KSh 50 billion for the first time as it expanded financing to micro, small and medium-sized enterprises.
