Stanbic Bank joins Mkopa for solar schools project

September 27, 2018 in Companies, Energy, Finance, Investment, Renewable by Editor

 

September 27, 2018—Stanbic Bank Uganda has contributed UGX 50 million in a partnership with M-Kopa towards the installation of solar solutions in twenty schools spread across the country.

M-Kopa is a company that uses the pay-as-you-go model popularized by mobile phones to provide rent-to-own solar energy products that help deliver cheap solar power to rural areas.

“Our CSI focuses on promoting education because we believe it is a key factor to achieving transformational change in our country’s economy. This means we have to continue funding the various aspects that facilitate a good education if we want a more productive workforce that can carry out tasks that require literacy and critical thinking to push us forward. Energy solutions for schools is one of the key factors,” Barbara Kasekende, Head of Corporate Social Investment (CSI) said during the launching of the project at Senene Primary School

Participating schools include; Namakwekwe Primary School; Bufooto Primary School; Najja Primary Schoo;, Nakhupa Primary school; Ubumasokho Primary School; Buwakoro Primary School; Kiwata Primary School; Buduma Primary School; Bufunda Primary School; Kimira Primary School; Nawandala Primary School; Bubaka Primary School; Nyanzi Primary School; Kyakoba Primary School; St KizitoNamagogo Primary School; Kasenyi Primary School; Senkulu  Primary School; Kibyamirizi  Primary School; Buliisa Primary School and St Noah Myanzi Primary School.

David Damberger, M-Kopa managing director said, “Uganda, with a population of about 41 million people and about seven million households has one of the lowest electrification rates in Africa. Out of the seven million only, about 1.1 million have access to electricity.  This represents 22 pc of the entire population meaning over 30 million Ugandans go to sleep without electricity every night. These end up using alternative, unclean sources of energy like kerosene and charcoal which can cause health problems.”

He said, “As a company, we are currently powering over 100,000 households in Uganda and it is amazing the impact solar solutions can bring to the communities. We have seen school children in the rural areas manage to study better at night after school hence improving on their learning. As such, we are glad to be part of this partnership with Stanbic and we believe these schools will be a great example on how solar solutions can impact lives.”

Kasekende said, “One of the biggest challenges we identified facing schools in the rural areas is access to electricity. We are happy to leverage on our relationship with M-Kopa to mitigate this. The ability to take clean energy solutions to these schools conveniently and help bridge the power gap will go a long way in impacting the lives of these students.”

The government has an ambitious plan to achieve middle income status by the year 2030. It wants off-grid consumers to access clean modern energy services in a bid to improve social services, economic growth and welfare of its citizens. Plans are to have 60 pc of Ugandan households to have a solar energy product or are will be receiving solar related services by the year 2020.

M-Kopastanbic bankuganda solar power