Eaglestone closes Uganda Solar PV Project

Eaglestone closes Uganda Solar PV Project

Eaglestone acted as financial adviser to Building Energy on the 10MW Tororo Solar North PV Power Project in Uganda which achieved financial close on 30 November 2016.

The plant is majority owned by Building Energy, which is a multinational corporation with experience in developing more than 2 000 MW of renewable-energy projects in Africa. Building Energy will also build and operate the power plant.

Dutch development bank FMO acted as mandated lead arranger of the $14.7-million facility, 50% of which was syndicated to the Emerging Africa Infrastructure Fund.

Uganda has one of the lowest electricity consumption per capita in the world, with an average electrification rate of 18.2%. The country's power sector suffers from a shortage of generation capacity and a lack of reliable and affordable electricity is hindering more sustainable economic growth.

The project is developed under a dedicated support scheme for renewable-energy projects managed by Germany's KfW Bankengruppe in partnership with Uganda's government. It is funded by the European Union Infrastructure Trust Fund, and is also supported by the governments of Norway, Germany and the UK.