NAIROBI, Kenya- In a bid to empower its members and promote renewable energy adoption, Mwalimu National Sacco has announced a new partnership with Startimes to provide Sh500 million in financing for solar systems over the next two years.
This initiative is set to offer low-interest loans to Sacco members, helping them make the switch to affordable and sustainable solar energy solutions.
With solar energy consumption rising, especially in Nairobi, the initiative is timely.
Mwalimu Sacco National Chairman, Joel Gachari, revealed that the Sacco has earmarked Sh250 million for the project in its first year.
“We plan to increase this to Sh500 million or more in the following year,” Gachari said, emphasizing that the initial phase will focus on educating members on the benefits of solar energy during key events such as AGMs and Education Days.
The partnership not only promotes green energy but also offers Sacco members accessible financing options.
Loans will be available for both home and workplace installations, a move that could see significant cost savings for members.
Gachari highlighted the financial relief, saying, “We are making it easier for our members to embrace solar, while simultaneously reducing their electricity bills.”
Startimes Solar System Partnership Manager, Grace Njenga, expressed excitement about the collaboration, noting that it will have a ripple effect across rural and urban areas alike.
She emphasized how critical this partnership is for Kenya’s renewable energy goals. “Our aim is to make solar energy affordable and accessible to all Kenyans. This partnership with Mwalimu Sacco is a huge leap forward,” she said.
Startimes’ Director of Solar, Sam Deng, added, “By enabling educators to invest in solar technology, we’re not only promoting renewable energy but also empowering them financially.”
The initiative will allow teachers, principals, and other Sacco members to use their loans to purchase solar systems, potentially slashing energy costs by as much as 75pc.
Kenya has made notable strides in expanding its solar energy capacity. The country’s solar power generation hit a record high in 2023, thanks to the commissioning of the 40-megawatt Alten Kenya Solarfarms plant in Kesses, Uasin Gishu.
