In a landmark initiative to combat climate change, the Climate Finance Accelerator Uganda (CFA Uganda) has unveiled its inaugural cohort of eight groundbreaking projects. This distinguished selection marks a significant stride towards environmental sustainability in Uganda, with the initiative receiving backing from the United Kingdom. The CFA Uganda serves as a pivotal platform, fostering collaboration among key players to scale up climate-related projects. This year, the initiative makes its debut in Uganda, selecting its first batch of projects from an impressive pool of over 160 applicants.
Spanning a diverse range of sectors including waste management, transportation, energy, and agriculture, forestry, and other land uses (AFOLU), these projects are set to bring substantial benefits to communities throughout Uganda. Collectively, these ventures are in pursuit of funding exceeding USD 90 million to bring their innovative solutions to life.
To bolster their prospects, each project will benefit from bespoke support and guidance from a cadre of financial and technical experts. This tailored assistance aims to fortify the projects, enhancing their appeal to investors. Among the areas of focus will be the refinement of financial models, preparation of compelling pitch materials, and the integration of gender equality and social inclusion (GESI) considerations into their operations.
A pivotal moment for these projects will be a networking event scheduled for March 2024 in Kampala, where they will have the opportunity to engage with a wide array of investors and financial institutions from Uganda, the UK, and beyond. This event is designed to facilitate meaningful connections and spark investment opportunities, propelling these initiatives towards realization.
The British High Commissioner, Kate Airey, expressed her enthusiasm for the quality and potential of the inaugural cohort, highlighting the CFA as a testament to the impactful synergy of UK expertise, funding, and collaborative efforts in addressing climate challenges. She also noted the impressive volume and quality of applications as a testament to Uganda’s vibrant private sector and its dedication to environmental sustainability. Furthermore, Airey lauded the strong female leadership observed in the founding teams of the selected businesses, underscoring the UK’s commitment to supporting gender equality and women’s empowerment.
Echoing this sentiment, Amanda Kabagambe, Managing Director of Bethel Advisors, celebrated the promising trajectory of CFA Uganda. She emphasized the pivotal role of the selected businesses in driving Uganda’s green transition and highlighted the significance of female leadership within the entrepreneurial landscape of Uganda. Kabagambe pointed out the challenges faced by female entrepreneurs in accessing opportunities and capital, stressing the CFA’s commitment to bolstering these businesses and, by extension, the broader ecosystem they influence.
The launch of CFA Uganda heralds a new era of climate resilience and sustainability efforts in Uganda, promising not only to address pressing environmental issues but also to empower communities and leaders, particularly women, in the fight against climate change.
According to Amanda Kabagambe, the Managing Director of Bethel Advisors, “It’s exciting to see the CFA on track to deliver a strong result in Uganda, with a cohort of 8 businesses being supported to raise $90million collectively. These growing businesses will continue to contribute to a sustainable green transition in Uganda.”
“It’s even more encouraging to see strong female representation in the founding and leadership teams of the businesses. Uganda is full of female entrepreneurs, many of whom head households, but it can be hard for female leaders to find opportunities in larger businesses and to access affordable capital. In addition, they often have limited agency and decision-making authority within the value chains in which they operate. We hope that our efforts through the CFA will strengthen the businesses selected and the businesses that they impact.”
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 cooking with electricity through the distribution of 1,500 electric pressure cookers. Customers can purchase at a Umeme office or via the Umeme app or website. Zembo Motorcycles – SMC Limited – motorcycle and battery charging services targeting the ‘boda boda’ (motorcycle taxi) industry in Uganda.
