Kampala, Uganda: Eight Ugandan businesses have graduated from the UK Government-funded Climate Finance Accelerator after attending a final event at the British High Commissioner’s Residence.
The project developers pitched their innovative ideas to mitigate climate change to investors who also provided advice and feedback on the projects. The event also provided an opportunity to discuss the challenges that low-carbon project developers face in raising finance within Uganda.
Each project has received two months of capacity building from financial, technical and gender equality and social inclusion experts managed by CFA Uganda’s local delivery partner Bethel Advisors. This included advice on financial models, how to prepare pitch materials and how to enhance the gender equality and social inclusion aspects of projects.
Speaking at the event, British High Commissioner Kate Airey, said: “The businesses that have presented their projects to investors today have demonstrated their commitment to tackling climate change with innovative ideas and technologies. I am delighted to hear about the progress they have made over the last two months and I am certain that they will now be in a better position to attract finance. I hope that the connections made today will lead to fruitful conversations and ultimately investments.”
The event fosters collaboration between financial experts, investors, and project developers, aiming to accelerate the transition to a low-carbon economy. If funded, these projects have the potential to benefit communities across Uganda through effective waste management, greener transport, employment opportunities, cleaner energy, e-mobility solutions, and modernising agriculture.
Amanda Kabagambe, Managing Director of Bethel Advisors said: “Today’s event has been about businesses, investors and intermediaries connecting authentically. Our engagements with the projects selected have created safe spaces where they feel able to ask questions and learn directly from key experts and peers constructively. We expect that the technical assistance offered has enabled the projects to further refine their business models and financial asks.
Our process, coupled with today’s event will become a springboard for wider discussions among investors and the projects, eventually leading to projects being financed sustainably.
The eight projects are:
Clean Energy Partnership for Africa (CEPA) Limited – driving a market shift from conventional to sustainable fuel sources by providing affordable and eco-friendly bioenergy products, such as un-carbonized pellets and matching stoves, bioethanol, and bio-based power.
Kyamuhunga Tea Company Limited – modernising tea processing by integrating renewable energy, and incorporating sustainability initiatives. This aims to increase operational efficiency, reduce environmental impact, empower local farmers and introduce data-driven decision-making.
NLS Waste Services Limited – waste to energy facility. The plant will have the capacity to incinerate around 1,300 tonnes of waste generated in the Kampala area each day to produce 115 MW of thermal power.
Protone Energies Limited – solar energy battery refurbishment aimed at doubling the lifetime of a battery at 38% of the cost of a new one. Services include battery refurbishment, re-utilising decommissioned batteries and scheduling maintenance to extend their lifespan.
Silverfleet Limited – an electric vehicle taxi fleet solution to transition a taxi company, which clients can access via an online platform and mobile app.
Kwanza Infrastructure Group– Hydroelectric power projects on the Sisi, Simu and Ngenge rivers in Eastern Uganda using run-of-river technology. The project of capacity 30.3 MW will generate 26,543 mwh per year sufficient to power 22,120 households with clean power and increase supply to support the energy transition.
Umeme Limited – Promoting the adoption of cooking with electricity in Uganda by scaling up the existing pilot at Umeme Ltd and its partners from 1,500 to 50,000 Electric pressure cookers to support the government’s energy agenda. To enable customers to purchase a quality Electric Pressure Cooker at any Umeme office/branch, via the Umeme app, or website.
Zembo Motorcycles – SMC Limited – motorcycle and battery charging services targeting the ‘boda boda’ (motorcycle taxi) industry in Uganda.