Safer Power secures Ksh 2.19B from SBM Bank for new factory

The Safer Power Group has successfully obtained a Ksh 2.19 billion ($17 million) credit line from the SBM Bank to aid in the expansion of its power infrastructure manufacturing operations within Kenya. The financial assistance will be utilized to fund the construction of a new factory and a state-of-the-art green energy manufacturing workshop.

Safer Power's Chief Executive Officer, Dalmus Mbai, expressed his support for the funding, highlighting the financial challenges faced by local green energy manufacturers in East Africa. These hurdles include substantial upfront costs for specialized equipment, severe credit gaps, and a heavy reliance on expensive foreign supply chains.

By establishing local engineering capabilities, assembly facilities, and green hydrogen technology, Safer Power aims to reduce the region's dependence on imports, create high-value technical employment opportunities, and lower costs associated with transitioning to renewable energy sources.

Edgar Mwandawiro, the Chief Risk Officer at SBM Bank Kenya, underscored the significance of targeted financial solutions in bolstering the growth of sustainable technology throughout the region. He emphasized that commercial enterprises now face escalating operational costs and heightened climate risks, making access to targeted capital not merely an essential ESG obligation but a crucial factor in fostering industrial resilience and achieving energy sovereignty for the economy.

Safer Power intends to utilize the obtained financing to scale up the production of specialized components such as switchboards, control panels, synchronization panels, distribution boards, meter boards, changeover systems, and battery racks.