KAMPALA – Housing Finance Bank (HFB) and the Uganda Energy Credit Capitalization Company (UECCC) have formed a groundbreaking partnership to accelerate the adoption of renewable energy solutions in Uganda.
The partnership, launched in Kampala, Uganda, features a UGX 5 billion credit facility dedicated to financing solar energy, biogas, and other sustainable energy solutions. This collaboration aims to drive Uganda’s energy transition, expand affordable electricity access, and support economic growth.
According to Michael K. Mugabi, Managing Director of Housing Finance Bank, “Sustainable energy financing is not just a business opportunity, but a responsibility. This partnership with UECCC is part of our long-term strategy to provide innovative financial solutions supporting Uganda’s transition to renewable energy.”
“We believe that by working together, we can unlock the potential of renewable energy in Uganda and provide affordable energy solutions to businesses, households, and off-grid communities,” Mugabi added.
Roy Nyamutale Baguma, Managing Director of UECCC, emphasized the significance of the collaboration in advancing Uganda’s energy financing landscape. “By working with financial institutions like Housing Finance Bank, we are breaking barriers that have long hindered access to financing for clean energy projects.”
“This partnership will not only provide affordable loans but also create employment opportunities and improve energy security in Uganda,” Baguma said.
The partnership aligns with Uganda’s Vision 2040, prioritizing increased energy access as a key driver of economic transformation. It also contributes to Sustainable Development Goal 7 (Affordable and Clean Energy) and Sustainable Development Goal 13 (Climate Action).
With Uganda’s solar energy potential estimated at 5.1 kWh/m²/day, the renewable energy market is projected to grow at a CAGR of 8.4% globally. This initiative positions Uganda at the forefront of green energy financing.
The UGX 5 billion credit facility will be available to businesses and individuals seeking financing for solar systems, biogas solutions, and other sustainable energy technologies. This will ultimately reduce dependence on biomass and fossil fuels.
“The launch of this partnership marks the beginning of a transformative journey, making clean energy more accessible, enhancing economic productivity, and contributing to Uganda’s commitment to climate resilience and carbon emission reductions,” Mugabi said.
“We are committed to working together to unlock the potential of renewable energy in Uganda and create a sustainable future for all,” Baguma added.
