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Building Energy announces financial close for its first solar PV plant in Uganda
Following the facility agreement signed in September with Dutch development bank FMO, Building Energy (Milan, Italy), a multinational company operating as a global integrated IPP in the renewable energy industry on December 21st, 2016 announced the achievement of the financial close for the construction of the 10 MW (14 GWh/y) Tororo solar photovoltaic (PV) project in Uganda.
Construction works started on December 14th, 2016 and will last in about 7 months, the company notes.
The total amount of the financial transaction is USD 19.6 million. FMO acted as Mandated Lead Arranger of the USD 14.7 million facility, 50% of which was syndicated to the Emerging Africa Infrastructure Fund, while USD 4.9 million is the equity from the project’s shareholders.
The PV plant is majority owned by Building Energy, which will be responsible for its construction and operation and is also EPC Contractor and O&M Contractor for this project.
The solar plant is the Uganda’s first project promoted by the Government in the renewable energy sector, developed under the KfW led GET FiT facility, which is a dedicated support scheme for renewable energy projects managed by Germany’s KfW Bankengruppe in partnership with the Government of Uganda through the Electricity Regulatory Agency (ERA).
It is funded by the European Union Infrastructure Trust Fund, and is also supported by the Governments of Norway, Germany and the United Kingdom.