Eight Ugandan projects selected for sh53 billion climate finance fund by UK gov't

Eight Ugandan projects selected for sh53 billion climate finance fund by UK gov't
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Eight exciting businesses that help to tackle climate change in Uganda have been selected to join the first phase of the sh53 billion ($14.02 million) Climate Finance Accelerator Uganda (CFA).

The CFA is a UK sponsored programme that brings together stakeholders who can develop and finance climate projects at scale. Currently operating across 10 countries, this is the first year being run in Uganda and the successful projects were chosen from over 160 applications.

The projects come from the waste, transport, energy and agriculture, forestry and other land uses (AFOLU) sectors and have the potential to benefit communities across Uganda.

The projects are seeking over USD 90 million in funding.

Each business will receive one-to-one support and advice from financial and technical experts to strengthen their projects and increase their chances of attracting investment. This includes advice on financial models, how to prepare pitch materials and how to enhance the gender equality and social inclusion (GESI) aspects of projects.

Following the capacity building and mentoring sessions, the projects will meet with international, UK and Uganda investors and financial institutions at a final event to be held in Kampala in March 2024.

This event allows the projects to connect with investors and catalyse opportunities.

“It is exciting to see the quality of the projects selected for the first cohort of CFA Uganda. The CFA is an innovative example of how we can use UK expertise, funding and collaboration to provide promising investment opportunities in the critical area of climate and support Ugandan businesses as they grow. I have no doubt that each project will move closer to finding investment as a result of the support and expertise provided whilst they are on the programme," said the British High Commissioner, Kate Airey.

“I’m also very excited about the number of high quality applications. To us, this is an indication of the size of the project pipeline in Uganda and the commitment of the private sector to helping to tackle the climate emergency. It was even more encouraging to see strong female representation in the founding and leadership teams of the businesses, as supporting women and girls remains one of our key priorities.”

Amanda Kabagambe, Managing Director of Bethel Advisors said," It’s exciting to see the CFA on track to deliver a strong result in Uganda, with a cohort of 8 businesses being supported to raise $90million collectively. These growing businesses will continue to contribute to a sustainable green transition in Uganda.

"It’s even more encouraging to see strong female representation in the founding and leadership teams of the businesses. Uganda is full of female entrepreneurs, many of whom head households, but it can be hard for female leaders to find opportunities in larger businesses and to access affordable capital. In addition, they often have limited agency and decision-making authority within the value chains in which they operate. We hope that our efforts through the CFA will strengthen the businesses selected and the businesses that they impact.”

The eight selected projects include  Clean Energy Partnership for Africa(CEPA) Limited , a  driving a market shift from conventional to sustainable fuel sources by providing affordable and eco-friendly bioenergy products, such as un-carbonized pellets and matching stoves, bioethanol, and bio-based power,   Kyamuhunga Tea Company Limited involved in modernising tea processing by integrating renewable energy, and incorporating sustainability initiatives which aims to increase operational efficiency, reduce environmental impact, empower local farmers and introduce data-driven decision making and NLS Waste Services Limited, a waste to energy facility that  will have the capacity to incinerate around 1,300 tonnes of waste generated in the Kampala area each day to produce 115 MW of thermal power.

Other projects are Protone Energies Limited, a  solar energy battery refurbishment aimed at doubling the lifetime of a battery at 38% of the cost of a new one,  Silverfleet Limited,  an electric vehicle taxi fleet solution to transition a taxi company, which clients can access via an online platform and mobile app, Kwanza infrastructural group which are hydroelectric power projects on the Sisi, Simu and Ngenge rivers in Eastern Uganda using run-of-river technology with of  30.3 MW  but will generate 26,543 mwh per year sufficient to power 22,120 households with clean power and increase supply to support the energy transition, Umeme Limited project of promoting cooking with electricity through the distribution of 1,500 electric pressure cookers and Zembo Motorcycles Limited, which are motorcycle and battery charging services targeting the ‘boda boda’ (motorcycle taxi)  industry in Uganda.

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