The Uganda government inaugurated the 250MW Bujagali Hydropower Plant that was completed at a cost of $900m.
The project was jointly funded by Industrial Promotion Services, the infrastructure and industrial development arm of the Aga Khan Fund for Economic Development and Blackstone Capital Partners owned Sithe Global.
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Bujagali is expected to provide a clean and reliable solution to Uganda’s growing electricity demands besides serving as a growth engine and replacing emergency thermal generation to saves $9.5m per month in government subsidies.
The project will be operated by Bujagali Energy for a 30-year term, on completion of which it will be transferred to the government of Uganda for a nominal price of $1.
Commenting on the project Bujagali Energy chairman Nizar Juma underlined that the project had been completed on time and within budget adhering to the highest technical, social and environmental standards.
Sithe global CEO and chairman Bruce J. Wrobel added, "We believe that projects like Bujagali, which has both impacted the energy sector in Uganda in a far-reaching positive way and mitigated the ecological footprint of a generation, is the key to sustainable development."
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By GlobalDataThe first unit of the project was operationalized in February 2012 and is expected to yield 900,000 carbon dioxide emission reductions per annum.
International Finance Corporation, the European Investment Bank, African Development Bank, Nederlandse Financierings-Maatschappij voor Ontwikkelinsslanden, Societe de Promotion et de Participation pour la Cooperation Economique, Agence Francaise de Development, DEG-Deutsche Investitions-und Entwicklungsgesellschaft and KfW were the other financers of the project.
