The initiative aims to accelerate the adoption of solar energy, biogas, and other renewable energy solutions, empowering communities and driving economic growth.
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Michael Mugabi, the Managing Director of Housing Finance Bank giving a speech during the event
Businesses, households, and off-grid communities in Uganda will now have greater access to affordable clean energy solutions, thanks to a UGX 5 billion credit facility launched by Housing Finance Bank (HFB) and the Uganda Energy Credit Capitalization Company (UECCC). The initiative aims to accelerate the adoption of solar energy, biogas, and other renewable energy solutions, empowering communities and driving economic growth.
This partnership is a significant step toward Uganda’s energy transition, reducing reliance on biomass and fossil fuels while expanding electricity access to underserved areas. It aligns with Uganda’s Vision 2040 and supports Sustainable Development Goals (SDG) 7 (Affordable and Clean Energy) and SDG 13 (Climate Action).
At the launch event on Tuesday, HFB Managing Director Michael K. Mugabi emphasized the bank’s commitment to green financing: "As Housing Finance Bank, we believe that sustainable energy financing is not just a business opportunity—it is a responsibility. This UGX 5 billion facility will empower businesses, households, and off-grid communities to access clean and affordable energy solutions that will transform livelihoods and drive economic growth."
UECCC Managing Director Roy Nyamutale Baguma highlighted the partnership’s role in unlocking private sector investment in renewable energy: "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."
Uganda’s solar energy potential, estimated at 5.1 kWh/m²/day—among the highest in Africa—positions the country as a leader in renewable energy. With the global renewable energy market projected to grow at a CAGR of 8.4%, this initiative enhances Uganda’s competitiveness in green energy financing.
The UGX 5 billion credit facility will support businesses and individuals seeking financing for solar systems, biogas solutions, and other sustainable energy technologies. By making clean energy more accessible, the initiative is expected to boost economic productivity, create jobs, and strengthen Uganda’s resilience to climate change.
