TORORO SOLAR NORTH LIMITED (FMO-49685)

Countries
  • Uganda
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 30, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Tororo Solar North Limited
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 7.33 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Apr 9, 2018


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Project Description

WHO IS OUR CLIENT

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.

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 WE FUND THIS PROJECT

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 Ugandaa€™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 FMOa€™s strategy to contribute to clean energy projects in emerging markets. In line with this strategy, FMO also catalyzes funds from EAIF.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

FMO
South Africa
+27 11 507 2500
joburg-office@fmo.nl

 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.