Financial close for Bujagali

Bujagali Energy Ltd (BEL) has closed financing on a $682m construction debt facility for the 250MW Bujagali hydropower project (AE 129/22). Multilateral and bilateral debt will be provided by the European Investment Bank, International Finance Corporation, African Development Bank, Dutch development agency Nederlandse Financierings-Maatschappij voor Ontwikkelinsslanden (FMO), France’s Société de Promotion et de Participation pour la Cooperation Economique (Proparco) and Agence Française de Développement, and Germany’s Deutsche Investitions-und Entwicklungsgesellschaft and Kreditanstalt für Wiederaufbau. Commercial debt will be provided by Standard Chartered Bank and Barclays/Absa Capital, with partial risk guarantee cover provided by the World Bank’s International Development Association.