Ambitious Climate Projects join Climate Finance Accelerator Uganda

• UK-funded Climate Finance Accelerator Uganda to mobilise private investment for climate resilient projects and green innovations
• The CFA will build capacity for Ugandan project developers in areas of waste transport, energy, agriculture and forestry with some projects having the opportunity to travel to London.
• Chargé d’Affairs Philip Smith highlighted UK leadership in climate finance, emphasising their
commitment to Uganda achieving its climate finance goals and fostering economic opportunity through private sector engagement.

Kampala: The UK-funded Climate Finance Accelerator Uganda has selected six new businesses to join the capacity building programme’s second phase.

Chosen from over 140 applicants,
these innovative low carbon projects will receive bespoke support from Ugandan and international experts to increase their chances of finding investment.
The businesses will receive expert advice on financial, technical and gender equality and social inclusion (GESI) issues including financial models, how to prepare pitch materials and how to enhance the GESI aspects of projectsThe six businesses come from the waste, transport, energy and agriculture, forestry and other land uses (AFOLU) sectors and have the potential to benefit communities and cut carbon emission across Uganda. In total the businesses are looking for over USD 28 million in funding.

Four additional businesses have also been invited to attend some CFA webinars as affiliate members
to help strengthen their projects in support of a future application to the CFA programme.

Chargé d’Affaires Philip Smith said:
“After the success of CFA Uganda’s first phase earlier this year, I am delighted that we have been able to move so quickly to select six exciting new businesses for CFA Uganda’s next
cohort. The entrepreneurs who lead these projects are at the start of a process that will both challenge and inspire them. I am sure that they will see the direct benefits of having participated
as they seek investment for their exciting, ambitious projects that will safeguard Uganda’s future
against climate change.”

“The UK government is putting climate and nature at the heart of everything it does and we are excited to be building a Global Clean Power Alliance to accelerate the clean energy transition.
This will further deepen our partnership with Uganda and help unlock new climate finance through innovative approaches.”
Following the capacity building and mentoring sessions, an event in Kampala in November will bring the project developers together with investors who will provide detailed advice to the projects. The project developers will then have a chance to pitch to the investors present.

In November projects from this and the previous cohort of CFA Uganda will be invited to participate in a virtual event with regional inventors. In December four projects will travel to London to pitch to City of London investors. CFA events around the world have a strong record of giving projects access to
investors with whom they can make lasting connections and discuss investment opportunities.

CFA South Africa projects have so far received over US$96 million in investment. These include solar
energy business Wetility, electric vehicle business Everlectric and BSF Breeding who breed black
soldier flies. In Mexico CFA projects have unlocked almost US $180 million in investment.

Amanda Kabagambe, Managing Director of Bethel Advisors said:
“We are delighted to continue our support under the CFA program, to catalyse climate finance
into Ugandan projects. This phase is particularly exciting because it builds on our pilot and
includes pitches to international investors in London, and a local policy forum to strengthen the
landscape within which these projects operate.”
The six selected projects are:
Agrosahas International Private Limited- organic focused agritech platform providing artificial
intelligence/ machine learning and satellite based precision farming services to farmers.
Bukona Agro Processors Limited – clean cooking project providing sustainably produced ethanol
cooking fuel and efficient ethanol-fuelled cook stoves.
CO2 Balance UK Limited – rehabilitating non-functioning boreholes to provide access to safe water
in Northern Uganda.
Ebee Uganda – electric bicycle sales, service rental to businesses and last-mile service delivery.
Ecobrixs – recycling plastic waste into PET flakes and selling to factories to be re-used and
processed into other products that can be used in Uganda or exported.
Ecoplastile Limited – closed-loop integrated waste management service that recycles waste into
affordable, high performance and low carbon construction materials, offering cash incentives to
individuals who recycle.