Households, Educational institutions and Commercial enterprises are set to benefit from a new clean energy financing product at Equity Bank Uganda that will enable them to acquire clean energy technologies for lighting, cooking, and practicing climate smart agriculture.
The affordable financing facility dubbed Equi Green loan with support from the Uganda Energy Credit Capitalization Company (UECCC), was launched on Wednesday with the goal of enabling poor and middle-income households to access clean energy for lighting, cooking and practicing climate smart agriculture.
Equity customers buy improved cook stoves, solar lighting systems, biomass systems, irrigation systems and water storage tanks through affordable, simplified loan products starting from as low as 200,000 Ugx payable in 6 or 12 months. The clean energy loan is available at all Equity Bank branches and a customer can pick up the product at the nearest Equi Green loan appointed agent.
Speaking at the launch of the Equi Green loan facility in Kiboga District, Specioza Kimera Ndagire, the Managing Director of UECCC said, “The aim of the Product is to enable Ugandans access electricity in off grid areas by addressing the affordability barrier arising from the up-front cost of solar systems. This is in line with the National Development Plan (NDPIII) Sustainable Energy Program objectives of increasing access and utilization of electricity, increasing adoption and use of clean energy and promotion of utilization of energy efficient practices and technologies.”
“Our new partnership with Equity Bank Uganda will enable us reach more people through their countrywide customer network,” she added.
Equity Bank Managing Director, Mr. Samuel Kirubi said the Bank will facilitate access to clean energy through affordable financing to purchase innovative clean energy technologies that impact people and the environment.
“Tapping into the power of the sun and the environment to provide lighting, electronic charging systems and cooking solutions makes a real difference in how communities sustain themselves. Families can re-allocate funds saved from the adoption of renewable energy technologies such as solar panels and improved cook stoves to other basic needs such as education or healthcare.”
The renewable technology systems that can be acquired under this product include solar home systems such as lighting, electronic charging, Televisions, and clean cooking systems for schools and homes. Also, water tanks, and irrigation systems.
The Equi-Green loan is implemented under the Equity Bank Energy and Environment Pillar launched in November 2021.
Equity Bank Uganda, under its Energy and Environment pillar will continue to play a leading role in climate change mitigation and adaption interventions aimed at reducing emissions and creating resilience in communities, institutions, and industries. The Bank has made available funding in the areas of renewable energy, energy efficiency, water, climate smart agriculture, circular economy and waste management, green buildings, transportation and afforestation.
In addition to funding, Equity will also address these challenges by increasing awareness of the benefits of a greener economy and encouraging SME’s to adopt cleaner production processes and operations that protect the planet.