London, 12 December 2024: The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company, managed by Ninety One, has brought a 20 MW solar photovoltaic (PV) plant in north-western Uganda to financial close, investing c. USD 18 million in the project.

The investment will support AMEA Power to develop critical infrastructure which will bring affordable energy to one of the most remote and underserved areas of the country. The project will help the region plug a significant gap between energy supply and demand, supporting remote communities and businesses to overcome frequent load shedding and blackouts.

The investment will bring power to hundreds of thousands of people, building on electricity provided to up to 159,000 people by two additional EAAIF solar projects in the country, demonstrating the Fund’s commitment to financing impactful renewable energy projects which bring power to last-mile communities in underserved markets. The project marks the Fund’s 12th renewable energy project in Uganda, accelerating the country’s energy transition and reducing reliance on power generated from the highly polluting heavy fuel oil which is frequently used in the West Nile region.

The project supports Uganda’s plans to achieve universal energy access by 2040, up from around 50 per cent in 2022. It also adds to the government’s ambitions to diversify its energy mix away from hydropower which currently accounts for around 80 per cent of the country’s generating capacity. The transaction underlines PIDG’s strategy to advance investment in transformative renewable energy projects, bridging financing gaps and directing capital and expertise to the countries and communities where they’re most urgently needed.

Paromita Chatterjee, Director at Ninety One, the Fund Manager of EAAIF said, “This project underscores our commitment to sustainable development, delivering clean power to communities and driving environmental resilience. The electricity generated will be a critical step forward for supporting economic activity and growth in the West Nile region, bringing the underserved area in line with other parts of the country”.

Aqueel Bohra, Chief Investment Officer, AMEA Power said, “AMEA Power is committed to delivering this milestone transaction, our first project in East Africa, which marks the beginning of a series of strategic initiatives in the region. Once commissioned, it will be the first and largest utility-scale grid-connected solar PV project in the West Nile Region. By leveraging both local insights and international expertise, we are dedicated to delivering this impactful project that will shape the future of the country and support its industrial and economic development.”

Rajesh Ramesh, Director, Ituka West Nile Uganda Limited (the Project Company) said, “I would like to specifically acknowledge the essential support of the Ministry of Energy and Mineral Development (Uganda), the Electricity Regulatory Authority (ERA), and the Uganda Electricity Transmission Company Limited (UETCL) among other related entities within the Government of Uganda. In addition, I deeply appreciate the continued support from the local leadership and the people of Madi Okollo District in the West Nile Sub-Region. I would also like to extend my sincere thanks to the teams at our headquarters for their unwavering dedication and hard work in successfully reaching financial closure (FC), a key milestone that has greatly contributed to the project’s advancement.”