Stanbic Bank has launched a solar business financing solution to help businesses set up solar solutions through collateral-free financing, which can in turn help address the country’s power deficit and stimulate economic growth.
Speaking during the launch of the solution, Stanbic Chief Executive, Mwindwa Siakalima, said that the Bank has introduced the facility with the aim of assisting business entities access financing to acquire solar power assets to help businesses tackle the ongoing power deficit head-on.
Mr. Siakalima said Stanbic Bank is looking at a number of alternatives, including solar and wind energy to mitigate the impact of the power deficit.
“The Stanbic Business Solar Finance is designed to help businesses invest in clean and stable energy sources that reduce operational costs and environmental degradation,” said Mr. Siakalima in a statement issued to RCV News in Lusaka today.
He said the initiative not only supports sustainability, but also strengthens business’ resilience and competitiveness in a rapidly changing global environment.
Mr. Siakalima explained that the business solar loan explores affordable and more sustainable alternatives to the grid power that Zambians currently have and is a step forward towards a future where African and Zambian businesses are leaders in sustainability.
And Stanbic Head Vehicle & Asset Finance, Lester Anderson, explained that the Bank will be deliberate and only ask for top quality solar assets to be installed for clients within acceptable delivery timelines.
“We will require that the EPC’s certify installations prior to handing them over to clients,” said Mr. Anderson.
He also highlighted that the Bank, can provide 100% funding for a period of seven years, and in exceptional circumstances, ten years.
RCV News
