Standard Bank has introduced loan facilities targeting suppliers and users of solar power and other renewable energy forms.
This is part of the bank’s contribution to national economic growth as it responds to the country’s energy deficit, according to Standard Bank Head of Client Solutions Ewen Hiwa.
In a statement, Hiwa said the loan packages are available to both individuals and corporates in form of finance leases, term loan, stock finance and working capital financing.
“To respond to the urgent need to provide alternative or complimentary energy sources, Standard Bank is making available this facility to both individuals and companies, allowing them to purchase and import renewable energy supplies based on their needs,” Hiwa said.
He said the four forms of accessing the renewable energy financing have been designed to suit customers’ needs in all key business segments.
Hiwa said the bank is making its renewable energy financing facility widely available to its entire clientele base.
Hiwa said individual users are also eligible to get financing for home energy needs.
According to Hiwa, the renewable energy suppliers are being considered based on reputation and ability to provide warranty to clients.
He said equipment financing through finance lease will be made available through either the bank’s Vehicle and Asset Finance Department or the Investment Banking Division.
Disruptions to national electricity grids due to climate change disasters and a spike in fossil fuel prices due to supply constraints resulting from the Russo-Ukraine war have made financing of the renewable energy sector more urgent than ever.
Following the ravages of Tropical Storm Ana in January, Malawi lost over half of its national electricity output.
Source: The Daily Times_Business News_Monday, July 11, 2022_By Frank Phiri, contributor