By CHIMPREPORTS
Eight innovative businesses in Uganda have been chosen to participate in the initial phase of the Climate Finance Accelerator Uganda (CFA), a program sponsored by the UK. The CFA aims to unite stakeholders capable of developing and funding large-scale climate projects. Although it currently operates in 10 countries, this marks its inaugural year in Uganda, with the selected projects standing out from a pool of over 160 applicants.
These projects span various sectors, including waste management, transportation, energy, agriculture, forestry, and other land uses (AFOLU), offering potential benefits to communities throughout Uganda. The combined funding sought by these projects exceeds USD 90 million.
To bolster their projects and enhance their chances of securing investment, each business will receive personalized support and guidance from financial and technical experts. This assistance covers aspects such as refining financial models, preparing pitch materials, and improving gender equality and social inclusion (GESI) components within the projects.
Following capacity-building and mentoring sessions, the projects will convene with international, UK, and Ugandan investors and financial institutions at a culminating event scheduled for March 2024 in Kampala. This event serves as a platform for the projects to establish connections with investors and stimulate potential opportunities.
British High Commissioner Kate Airey expressed enthusiasm about the quality of projects in the first CFA Uganda cohort. She highlighted the program as an innovative example of leveraging UK expertise, funding, and collaboration to provide investment prospects in the critical climate sector while supporting the growth of Ugandan businesses. Airey also noted the significant number of high-quality applications, underscoring the robust project pipeline in Uganda and the private sector’s dedication to addressing the climate emergency. She was particularly encouraged by the strong representation of women in the founding and leadership teams of these businesses.
Amanda Kabagambe, Managing Director of Bethel Advisors, shared the excitement about the CFA’s promising outcome in Uganda. With eight businesses collectively aiming to raise $90 million, Kabagambe sees these growing enterprises as vital contributors to a sustainable green transition in the country. Notably, she highlighted the encouraging presence of strong female representation in the businesses’ founding and leadership teams. Kabagambe emphasized the challenges faced by female entrepreneurs in accessing opportunities and affordable capital in larger businesses, expressing hope that the CFA’s efforts would fortify the selected businesses and the broader impact they have.
The eight selected projects cover a diverse range:
1. Clean Energy Partnership for Africa (CEPA) Limited focuses on transitioning from conventional to sustainable fuel sources by providing affordable bioenergy products.
2. Kyamuhunga Tea Company Limited is modernizing tea processing through renewable energy integration and sustainability initiatives.
3. NLS Waste Services Limited is working on a waste-to-energy facility capable of incinerating 1,300 tonnes of waste daily to produce thermal power.
4. Protone Energies Limited specializes in solar energy battery refurbishment to extend battery lifespan at a fraction of the cost of new ones.
5. Silverfleet Limited offers an electric vehicle taxi fleet solution accessible via an online platform and mobile app.
6. Kwanza Infrastructure Group focuses on hydroelectric power projects in Eastern Uganda using run-of-river technology.
7. Umeme Limited promotes electric cooking through the distribution of 1,500 electric pressure cookers.
8. Zembo Motorcycles – SMC Limited provides motorcycle and battery charging services targeting the motorcycle taxi industry in Uganda.
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