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Publish Date : 09-Aug-2017

The Ugandan Government has been successful to secure refinancing package of US$29.3 million from the Emerging Africa Infrastructure Fund (EAIF) and the Dutch Development Bank (FMO) for the 13MW Bugoye hydro-electric power plant, located at Kasese in the western part of the country.

The agencies have agreed to provide money to refinance the Bugoye hydro-electric power station, which started electricity generation in the year 2008. The generated energy is being sent to the Ugandan national power grid.

The newly secured money will be used to repay the outstanding of the EAIFs original loan extended to the project, as well as fund the refurbishment works, and settle construction loans delivered by the project backer the Africa Renewable Energy Fund (AREF), which is under the management of Berkeley Energy.

The AREF has disclosed that the fund will utilize the refinancing proceeds to support other greenfield hydro-electric projects in Uganda.

The head of EAIF at Investec Asset Management (IAM) Nazmeera Moola, whose firm served as the arranger of the deal, has revealed on 21st of last month that a flourishing power generation facility can be utilized for mobilizing new capital to add capacity and the refinancing is a clear reflection of this.

The agreements for the refinancing deals have been signed just in recent times and it is expected that the financial close will happen shortly.

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