The Uganda Energy Credit Capitalization Company (UECCC) has assured all companies and Investors engaged in solar energy business that UECCC has funds available to loan out at a 15 percent interest rate. Various speakers revealed this during the conclusion of the Solar Energy Expo at Uganda Manufacturers Association (UMA) show ground in Kampala on Saturday.
Mr. Samuel G. Ocanya, UECCC Project Manager, during panel discussions assured those engaged in Solar Energy businesses that UECCC has injected funds to support the Solar Energy Sector though Centenary Bank, Housing Finance Bank and Stanbic Bank to be loaned out at a 15 percent interest rate.
“We support businesses engaged in solar energy generation by enabling these enterprises to access loans from different banks we work with at a 15 percent interest rate. Our objective at UECCC is to ensure Ugandans access electricity cheaply and to accelerate economic development”, said Mr. Ocanya.
He said Government has embarked on solar electrification programme to ensure Schools, Health Centres, and Hospitals access solar energy cheaply.
“Under Credit Finance Facility, Centenary Bank shall get UGX 10 Billion to support individuals engaged in renewable energy. Centenary Bank will not charge more than 15 percent on interest under this program”, he added.
Mr. Lawrence Lubega, Centenary Bank Supervisor, Microfinance Business advised those to apply for solar energy business funds to ensure their businesses are legally registered, have known physical address and are tax compliant.
“Centenary Bank will not entertain briefcase companies that do not have physical addresses and are not registered business entities”, he said.
Eng. Elizabeth Kaijuka, the Principal Energy Officer at the Ministry of Energy and Mineral Development, while closing the expo, said solar energy is the most thriving business in Uganda, which supplies 38 percent power to the National Grid. She called on those engaged in solar energy business to invest in upcountry rural areas, where the market is still virgin.
She said her Ministry in partnership with Uganda National Bureau of Standards (UNBS) have put in place measures to ensure counterfeit solar products do not find their way into the Ugandan market.
The three days Solar Energy expo was organized by the Uganda Solar Energy Association (USEA) in partnership with UECCC, GIZ and the Ministry of Energy and Mineral Development among others.
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