EAIF Loans $10.6m for Hydropower Plant Development in Uganda

  • EAIF approves funding for Nyamwamba II hydroelectric power plant in Uganda.
  • The $10.6 million loans are being provided to Serengeti Energy.

The Emerging Africa Infrastructure Fund (EAIF), a financing facility of the Private Infrastructure Development Group (PIDG), has approved financing for the Nyamwamba ll hydroelectric power plant in Uganda. Serengeti Energy is to receive the $10.6 million loan for project development.

This financing is a further step towards the financial closure of the Nyamwamba II hydroelectric project. And EAIF is the “sole lender” to the project, which is already in operation in the Kasese district of western Uganda.

Serengeti Energy has therefore developed the Nyamwamba ll project using its funds. According to EAIF, its loan will make the project more financially viable and have a long-term impact. The run-of-river power plant went into commercial operation a few weeks ago and will enter its construction phase in 2019.

The loan to Serengeti Energy will be repaid over 17 years.

 

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