• Uganda
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 13, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Bugoye Hydro Limited (BHL)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 14.65 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Feb 26, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The Borrower is Bugoye Hydro Limited (BHL), a special purpose vehicle established to develop, construct and operate a 13MW run-of-river hydro power plant in the Kasese district in Western Uganda. The plant became operational in October 2009. BHL is indirectly wholly owned by Africa Energy Renewable Fund LP (AREF), a USD 200 mln fund which is managed by Berkley Energy Africa Limited.
FMO and Emerging Africa Infrastructure Fund (EAIF) managed by Investec will each provide USD 14.6 million to (i) refinance the existing senior debt, (ii) fund Capex for repair works, and (iii) free up capital that AREF will invest in other greenfield energy projects in Uganda. EAIF was the single existing lender before FMO joined.
FMO is financing Bugoye, a small run of the river hydro power plant in Uganda, to support AREF in developing and constructing other greenfield renewable energy projects in Uganda. Part of the loan has been earmarked for repair works that should improve the long-term robustness of the plant. Furthermore, this financing, which is one of the first refinancings of a small hydro power plant on the continent, is an important milestone for Uganda's renewable energy sector. BHL has generated 78 GWh of clean energy per year on average and has supported the strengthening of Uganda's grid in the west of the country. FMO is additional in this transaction by providing long-term debt, which is not available on the commercial market in East Africa. The project coincides with FMO's strategy to contribute to clean energy projects in emerging markets.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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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.

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