Uganda Attracts $400M Investments in Renewable Energy and More at COP28

uganda attracts 400m investments in renewable energy and more at cop28
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Uganda has successfully garnered investment commitments exceeding $400 million at the 28th annual United Nations climate change summit, known as COP28, taking place in Dubai, UAE, from November 30 to December 12, 2023.

Acting Deputy Director for Communications and Public Relations at Uganda Investment Authority (UIA), David Rupiny, shared in a statement on Wednesday that these commitments, spanning renewable energy, water filtration, and forestry, are for the next four years.

The commitments come from prominent green investors, including Mandulis Energy, Spouts International, 1MTN, and Nexus Green, all of whom are UIA-licensed and currently engaged in various stages of green project development and execution.

During a green investment session held at the Uganda Pavilion’s Green Investment Room, representatives from these companies, including Mandulis Energy’s co-founder Peter Nyeko, highlighted their projects. Nyeko outlined Mandulis Energy’s initiative to develop over 24 off-grid power systems across rural Uganda, each with a capacity ranging from 0.5 to 2 megawatts. These systems aim to power agricultural processing facilities and benefit over 120,000 farmers in low-income communities.

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Daniel Yin, the CEO of Spouts International, stated that their company, the largest manufacturer of ceramic water filters in Africa, has invested over $10 million and plans an additional investment of $80 to $100 million in the next four years. Spouts International’s Purifaaya, a ceramic water filter, has already reached 200,000 households, with a goal to serve six million households by 2030.

1MTN, a nature-based carbon removal project developer in Africa, has invested $1.5 million and intends to invest another $100 million in the next four years. The company, led by CEO Christian Raude, focuses on restoring one million hectares of degraded land by 2030 through the planting of polyculture native bamboo.

Nexus Green, a solar energy company, has invested $100 million in its factory with the support of the United Kingdom Export Fund. Rikki Verma, the founder and CEO, emphasized that their goal is to provide affordable solar-powered solutions to the estimated 458 million people in East and Central Africa lacking reliable energy.

Verma also noted the ease of investing in Uganda, crediting UIA as a one-stop center for key investment and business support services.

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