Eight innovative projects join Climate Finance Accelerator

A user operates an electric pressure cooker. Electric  pressure cookers are a modern way of cooking reduce cooking fuel costs by 50 percent. PHOTO/JOAN SALMON

What you need to know:

The eight businesses are being supported to raise Shs347 billion collectively. 

Eight exciting businesses that help to tackle climate change in Uganda have been selected to join the first phase of Climate Finance Accelerator Uganda (CFA). 

The CFA is a United Kingdom (UK) sponsored programme that brings together stakeholders who can develop and finance climate projects at scale. Currently operating across 10 countries, this is the first year in Uganda and the successful projects were chosen from over 160 applications.

The projects come from the waste, transport, energy and agriculture, forestry and other land uses (AFOLU) sectors and have the potential to benefit communities across Uganda. The projects are seeking over USD 90 million in funding.

The eight selected projects are: Clean Energy Partnership for Africa(CEPA) Limited, Kyamuhunga Tea Company Limited, NLS Waste Services Limited, Protone Energies Limited, Silverfleet Limited, Kwanza Infrastructure Group, Umeme Limited, and Zembo Motorcycles - SMC Limited. 

Each business will receive one-to-one support and advice from financial and technical experts to strengthen their projects and increase their chances of attracting investment. This includes advice on financial models, how to prepare pitch materials and how to enhance the gender equality and social inclusion aspects of projects. 

Amanda Kabagambe, managing director of Bethel Advisors said: “The CFA is on track to deliver a strong result in Uganda, with a cohort of eight businesses being supported to raise $90 million [Shs347 billion] collectively. These growing businesses will continue to contribute to a sustainable green transition in Uganda.

Following the capacity building and mentoring sessions, the projects will meet with international, UK and Uganda investors and financial institutions at a final event to be held in Kampala in March 2024. This event allows the projects to connect with investors and catalyse opportunities. 

British High Commissioner, Kate Airey said: “The CFA is an innovative example of how we can use UK expertise, funding and collaboration to provide promising investment opportunities in the critical area of climate and support Ugandan businesses as they grow. I have no doubt that each project will move closer to finding investment as a result of the support and expertise provided whilst they are on the programme.

“I’m also very excited about the number of high quality applications. To us, this is an indication of the size of the project pipeline in Uganda and the commitment of the private sector to helping to tackle the climate emergency.