Six low-carbon projects to benefit from CFA Uganda Programme
KAMPALA, October 5, 2024 – For the second phase, Climate Finance Accelerator [ CFA ] Uganda Programme, a UK government-funded programme has selected at least six low-carbon projects that will pitch for funding from local and international investors following the successful implementation of the first phase between October 2023 and March 2024.
The projects were selected from sectors including energy, water, smart agriculture, clean transport, waste management, forestry, and circular economy. Project developers will receive capacity-building training and will be connected with potential investors.
The project developers selected include Agrosahas International Private Limited, an organic agritech business providing artificial intelligence, machine learning, and precision farming services for farmers.
Another company, Bukona Agro Processors Limited, is a clean cooking initiative engaged in production of ethanol cooking fuel and efficient ethanol-fuelled stoves.
CO2 Balance UK Limited was selected for its contribution to rehabilitating non-functioning boreholes to provide access to safe water in Northern Uganda.
Other selected companies include Ebee Mobility Uganda, which offers electric bicycle sales, services, and rentals for businesses and last-mile delivery, Eco Brixs, which recycles plastic waste into PET flakes for factories in Uganda and export, and Ecoplastile Limited, a waste management service that recycles waste into high-performance, low-carbon construction materials.
Selected from over 140 applicants, these low-carbon innovative businesses will receive tailored capacity-building services from Ugandan and international experts to boost their innovations and impact more lives.
Other services will include expert guidance on financial, technical, and gender equality and social inclusion [GESI] issues.
The training modules include support with financial models, preparing pitching materials, and enhancing the GESI aspects of their projects.
“After the success of CFA Uganda’s first phase earlier this year, I am delighted that we have quickly selected six exciting new businesses for the next cohort. The entrepreneurs leading these projects will face challenges and be inspired throughout the process. I’m confident they will see the direct benefits as they seek investment for their ambitious projects that aim to safeguard Uganda’s future against climate change,” said the Chargé d’Affaires at the British High Commission Philip Smith.
He also highlighted the UK’s focus on climate and nature, noting that the UK government is committed to building a Global Clean Power Alliance to accelerate the transition to clean energy.
The total funding for the project is estimated in the region of about Shs 1.3 billion, which would also include preparing other benefactors in subsequent competitions.
The developers CFA Uganda second phase are expected to converge in Kampala in November to have interactions with the mentoring teams as the programme takes off. The developers will be allowed to pitch their projects directly to investors before at least 4 projects are selected to pitch to investors in London in December this year.
According to the organisers, the objective of the second phase of the CFA in Uganda is to: Strengthen Uganda’s pipeline of bankable projects; increase the flow of financing from Uganda, regional and London-based investors to green businesses, particularly SMEs, agri, and women-owned businesses; and strengthen enabling environment for green investment.
A Similar arrangement was held in South Africa which attracted US$ 96 million to projects like Wetility [Solar energy], Everlectric [Electric vehicles], and BSF Breeding, which breeds black soldier flies.
The CFA operates in Colombia, Egypt, Mexico, Nigeria, Peru, Pakistan, South Africa, Türkiye, Uganda, and Viet Nam, with the aim of encouraging the flows of finance required to deliver on countries’ ambition to limit global warming to 1.5°C.
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