Ugandan power distributor Umeme Ltd plans to spend $1.2 billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company’s chief executive said on Wednesday.
The investments will be used to prepare for an expected rise in power expected to come online by 2020, CEO Selestino Babungi told Reuters in an interview.
The East African country is developing two new hydropower plants on the Nile – Karuma and Isimba – and when completed, they are expected to add a combined 780 megawatts (MW) of power to the grid.
When the two China-financed and constructed plants come online, they will roughly double the country’s existing generation capacity which currently stands at about 700 MW. Read More