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

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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. 

List of the country updates

Country updates

  • April 26, 2018

    Proparco, a subsidiary of the French Agency for Development, and the Dutch development bank FMO have provided financing for the project

  • March 12, 2018

    IFC and MIGA approve refinancing package for 250 MW hydropower project in Uganda

    The Board of Directors of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) have approved a refinancing package for the 250 MW Bujagali hydr...

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  • October 19, 2017

    The construction of the project has been completed and started commercial operations

  • May 04, 2017

    The projecy has begun operations

  • April 04, 2017

    Entura awarded contract to provide advisory services for the project

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