All businesses and investors involved in the solar energy industry have been reassured by the Uganda Energy Credit Capitalization Company (UECCC) that UECCC has cash available for loans at a 15 percent interest rate. At the end of the Solar Energy Expo on Saturday at the Uganda Manufacturers Association (UMA) show ground in Kampala, a number of presenters disclosed this.
During the panel discussions, Mr. Samuel G. Ocanya, Project Manager for UECCC, gave assurances to those involved in solar energy enterprises. He stated that UECCC has infused cash to help the solar energy sector through loans from Centenary Bank, Housing Finance Bank, and Stanbic Bank, at interest rates of 15 percent.
“We assist companies that produce solar energy by giving them access to loans at a 15 percent interest rate from various banks that we partner with. According to Mr. Ocanya, “Our goals at UECCC are to make sure Ugandans have affordable access to electricity and to accelerate economic development.”
According to him, the government has started a solar electrification program to guarantee that hospitals, health centers, and schools have affordable access to solar energy.
“Under the Credit Finance Facility, Centenary Bank will receive UGX 10 billion to assist those who use renewable energy sources. Under this initiative, Centenary Bank will not charge interest at a rate more than fifteen percent, he continued.
In order to make sure their firms are properly established, have a known physical address, and are in compliance with tax laws, Mr. Lawrence Lubega, Supervisor of Centenary Bank’s Microfinance company, advised customers interested in applying for solar energy company funds.
He declared, “Briefcase companies without physical addresses or registered business entities will not be accepted by Centenary Bank.”
As she closed the expo, Eng. Elizabeth Kaijuka, Principal Energy Officer at the Ministry of Energy and Mineral Development, declared that solar energy, which provides 38% of the country’s electricity to the National Grid, is Uganda’s most thriving industry. She urged people in the solar energy industry to put their money into rural upcountry areas since there is still a virgin market there.
She noted that steps have been taken by her Ministry and the Uganda National Bureau of Standards (UNBS) to make sure that fake solar items do not enter the Ugandan market.
The Uganda Solar Energy Association (USEA), in collaboration with the Ministry of Energy and Mineral Development, GIZ, UECCC, and others, arranged the three-day Solar Energy Expo.
