Total budget for the scheme is approximately US$735M, including the generation facility and transmission link. Funding comes from a number of agencies and banks.
Agency debt is being provided by a number of parties, including the World Bank, the International Finance Corp (IFC), the European Investment Bank, and also the Multilateral Investment Guarantee Agency. World Bank approval of the project early last year unleashed a wave of financial backing to pave way for the project.
Commercial debt for the scheme is provided by Standard Chartered Bank and Barclays/Absa Capital.
The project is being developed by Bujagali Energy Ltd, which is owned by Industrial Promotion Services (Kenya), the industrial development arm of the Aga Khan Fund for Economic Development, and Sithe Global Power LLC.
About two-thirds of the almost US$191M equity finance for the project is being provided by the Ugandan Government and Sithe Global through its majority The Blackstone Group as well as investments funds managed by Reservoir Capital Group and Sithe Global Management. The remaining third is provided by Industrial Promotion Services (Kenya), the Aga Khan Fund for Economic Development and Jubilee Investment Company Ltd.
The plant has been planned since the early 1990s and the developers involved have changed. Construction of the scheme on the White Nile river in Uganda started in August 2007, and should be completed in 44 months. Turnkey contractor on the project, Italian firm Salini, is to have the plant commissioned in 2011.
Shortly after the commencement of construction, the African Development Bank (AfDB) and the Ugandan Government signed a loan of almost US$30M to help fund construction of a transmission link.