Project detail - TORORO SOLAR NORTH LIMITED

TORORO SOLAR NORTH LIMITED

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Who is our client

The client is Tororo Solar North Limited, a SPV set up to develop, construct, operate and maintain a 10MW PV Solar Plant in the East of Uganda. The company is majority owned by Building Energy. Building Energy is a multinational company operating as Global Integrated IPP in the Renewable Energy Industry which produces electricity from renewable energy sources such as wind, solar, hydro and biomass. The company sells electricity under long-term revenue contracts that ensure sustainable value for customers, shareholders and communities. The Project falls under the KfW led GetFit program.

Funding objective

FMO provides a USD 14.7 million senior loan, of which 50 percent has been catalyzed from Emerging Africa Infrastructure Fund (EAIF). The long-term loan facility will be used for the construction of the Solar Plant.

Why we fund this project

FMO finances this PV Solar Plant in Uganda to support the development and construction of additional renewable electricity generation in Uganda. The Project is expected to generate 14 GWh clean energy per year, and will support strengthening Uganda’s grid in the East of the country. The electricity produced will serve the equivalent of 170,593 people and has an annual avoided GHG rate of approximately 7,392 tCO2eq. The Project coincides with FMO’s strategy to contribute to clean energy projects in emerging markets. In line with this strategy, FMO also catalyzes funds from EAIF.

Region
Africa
Country
Uganda
Sector
Energy
Signing date
9/30/2016
Total FMO financing
USD 7.33 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B+