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.
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.
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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.