SN Power closed SG Bujagali Holdings' stakes acquisition in Bujagali hydro project

The Norwegian hydropower company, SN Power, has closed the acquisition of about two-third stakes owned by SG Bujagali Holdings, a Sithe Global company indirectly owned by investment funds managed by affiliates of Blackstone, in the 250 MW Bujagali hydropower project located in Victoria Nile, in the south of Uganda. The deal represents a total of USD277 million investment.

The investment by SN Power follows the project's successful refinancing with its lenders – including development finance institutions such as the International Finance Corporation and African Development Bank – which reduced Bujagali Energy Limited's annual debt-servicing payments, lowering the tariff of electricity produced by the hydropower plant.

The cumulative inception-to-date savings from Bujagali are USD $1.9 billion and the cumulative CO2 emissions reductions are approximately 5.7 million tons due to the displacement of diesel generated electricity with hydropower. In 2043, Bujagali will be transferred to the GOU for one US dollar with an expected remaining life of 70+ years.