Equity Bank reaffirms commitment to driving sustainable energy growth through innovative financing solutions

Equity Bank’s Pillar Head for Energy, Environment and Climate Change, Virginia Ssemakula, has reaffirmed the bank’s commitment to driving sustainable energy growth through innovative financing solutions.

Speaking at the Renewable Energy Conference and Expo 2025 at the Kampala Serena Hotel, Ssemakula revealed that commercial banks are increasingly accessing European Union financing to design products tailored for clients in the renewable energy sector.

She explained that market-based credit lines are fueling growth in solar energy and energy efficiency projects, supported by strong collaborations with energy service companies.

However, Ssemakula noted that the sector continues to face challenges such as limited access to emerging technologies, performance and repayment risks, delayed project payments, and the high cost of renewable investments.

She emphasized that closer partnerships between financial institutions and energy service providers, alongside technology guarantees, are vital for de-risking projects and expanding access to clean energy solutions. According to Ssemakula, such collaboration will not only boost investor confidence but also accelerate Uganda’s transition toward a more sustainable and inclusive energy future.

Opening the Sustainable Energy Development Programme Performance Review, held alongside the Renewable Energy Conference and Expo 2025 (REC25) in Kampala, Ruth Nankabirwa, Minister of Energy and Mineral Development said the government has set its sights on becoming a $500 billion economy, driven by clean, affordable, and sustainable energy.

Through the Ten-Fold Growth Strategy, energy is positioned not just as a utility, but as a critical engine for industrialization, job creation, and long-term socioeconomic transformation.