DFIs and banks refinance Bujagali Energy loans in Uganda
A consortium of development finance institutions and commercial lenders have completed the refinancing of more than $400 million loans of Bujagali Energy Limited, with the aim of helping reduce electricity costs in Uganda.
The financiers include the International Finance Corporation and African Development Bank as Joint Mandated Lead Arrangers, Dutch development bank FMO, France's Proparco, Germany's DEG, the UK's CDC, and two commercial banks: ABSA and Nedbank.
The refinancing package will extend the tenor of the bulk of the senior and subordinated loans originally provided in 2007. Bujagali, a run-of-river hydropower project on the Victoria Nile, is one of the largest power generation plants in Uganda, contributing 45%of the country's annual electricity generation.
