TORORO SOLAR NORTH LIMITED
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
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.
What is our 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 do we fund this investment?
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
- Effective date
- 9/30/2016
- Total FMO financing
- USD 7.33 MLN
- Funding
- FMO NV
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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+