Uganda’s renewable energy investment plans have received a major boost following approval from the Climate Investment Funds under the CIF’S dedicated fund for Scaling Up Renewable Energy in Low Income Countries Program. (SREP)
SREP funding of $50 million (USD) will help advance geothermal exploration, drug noted CIF in a statement distributed the African Press Organization.
The CIF is supported by major financial institutions such as the African Development bank, European Investment Bank among others.
Uganda has prioritized increased investments in the energy infrastructure with the view to boosting economic development. Currently only about 17% of the population has access to electricity. In rural areas, the figure is less than 10 percent.
“With a population of 35 million, more than 29 million people in Uganda do not have access to electricity,” says SREP senior program coordinator Zhihong Zhang.
Zhang says: “The SREP funding will help tackle this challenge by supporting Uganda in developing indigenous renewable energy resources and will offer opportunities for development even in remote areas of the country.”
“Aside from hydropower, geothermal, solar power and wind all offer lots of potential for Uganda,” he added.
“Ugandans have the potential to change the energy sector in the country and attract investment from other sources in the long-run.”
James Baanabe, Uganda’s Commissioner of the Energy Efficiency and Conservation Department in the Ministry of Energy and Mineral Development says: “Energy is the driver of social economic development so adequate and reliable renewable energy is vital to our vision of becoming a prosperous country within 30 years.
“Uganda is blessed with a number of renewable energy sources. SREP will contribute to the development of our renewable energy for the social and economic development of our country.”