SBM Bank gives solar firm Sh1.6 billion loan

Bboxx technicians install a solar system [File]

SBM Bank Kenya has announced a Sh1.6 billion mid-term debt facility to renewable energy company Bboxx Kenya to support provision of affordable solar home systems.

GuarantCo, part of the Private Infrastructure Development Group, has supported the transaction with a Sh1.2 billion partial guarantee against the loan facility.

The funds will be used by Bboxx Kenya to purchase new stock over the next two years, including 89,600 solar home systems and essential appliances such as fridges and phones.

These are expected to serve 470,000 people, 80 per cent of whom are based in rural areas and many of whom use torches and non-traditional fuel as their main source of lighting.