December 21 (SeeNews) - Italy-based renewables developer Building Energy has commenced last week the construction of the 10-MW Tororo solar power plant in Eastern Uganda, having reached financial close for the project.
The project sponsors are contributing USD 4.9 million (EUR 4.7m) in equity in addition to the USD-14.7-million facility that was arranged by the Netherlands development bank FMO in September. The total cost of the scheme is estimated at USD 19.6 million.
The construction process is expected to last about seven months.
The project is developed under the GET FiT support scheme for renewable energy projects, which is managed by Germany's KfW Development Bank in partnership with Uganda's government. It is funded by the European Union Infrastructure Trust Fund, and is also supported by the governments of Norway, Germany and the UK.
(USD 1.0 = EUR 0.961)