Kasese, Uganda – May 30th, 2022
The Nyamwamba 11, 7.8MW hydropower project, that reached PPA Commercial Operation Date (COD) on 17th March 2022 has received a USD 10.6 million loan from the Private Infrastructure Development Group’s (PIDG) Emerging Africa Infrastructure Fund (EAIF). The transaction was signed on 13th May 2022 with EAIF as the sole lender. Serengeti Energy is replacing a portion of its early equity invested in the project with EAIF’s 17-year term loan.
The project is Serengeti Energy’s third hydro project in Uganda. It will provide clean and reliable energy to the local power supply, that will align to the Government of Uganda’s goal of improving its citizens lives through provision of electricity, especially in the Kasese region.
On this project, the Balance of Plant (BoP)/civil EPC contractor was SAEMS Hydro Ltd of Uganda while Andritz Hydro of Germany was the Electromechanical water to wire contractor, with Zutari as the owners’ engineer.
More about Serengeti Energy
Serengeti Energy (previously known as rAREH) is an independent power producer developing, constructing and operating small to medium sized renewable energy projects up to 50MW in sub-Sahara Africa. Serengeti Energy provides early-stage development capital and long-term equity investment, together with expertise and experience in the development, financing, construction, and operation of power plants.
From our headquarters in Nairobi, supported by our offices in West Africa and South Africa, the Serengeti team presently manages a portfolio of 7 operational hydro plants and 2 projects under construction. In addition, the company is developing a significant number of further projects which will serve markets in Africa with affordable and clean power.
Serengeti Energy is backed its reputable shareholders being:
- KfW, the German state-owned bilateral development bank,
- Norfund, the Norwegian state-owned bilateral development bank, and
- Nordic Development Fund, a development finance institution owned by 5 Scandinavian governments.
Chris Bale,
The Chief Executive Officer of Serengeti Energy, remarked that;
“We welcome the loan from, EAIF as it allows us to unlock and redeploy construction capital equity to other renewable energy projects across sub-Saharan Africa. We are thankful to EAIF for accepting the mandate to be our financing partner on the Nyamwamba I1l project. This gives us further impetus to continue on our mission to develop, construct and operate small and medium sized renewable energy projects in sub-Sahara Africa.
