Home Business Economy Uganda power distributor Umeme to spend $1.2bn to expand grid
Economy

Uganda power distributor Umeme to spend $1.2bn to expand grid

Share
Share

Ugandan power distributor Umeme Ltd plans to spend $1.2 billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company’s chief executive said.

The investments will be used to prepare for an expected rise in power expected to come online by 2020, CEO Selestino Babungi told Reuters in an interview.

The East African country is developing two new hydropower plants on the Nile – Karuma and Isimba – and when completed, they are expected to add a combined 780 megawatts (MW) of power to the grid.

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

Iceland Lauds Nigeria’s Ongoing Economic Reforms

Iceland Honorary Consul to Nigeria has applauded the ongoing economic reforms being...

Nigeria, Malaysia To Sign MoU On Palm Biomass Development

The National Palm Produce Association of Nigeria (NPPAN) says the Federal Government...

Report Projects Global Economic Slowdown To 2.4% In 2024

The global Gross Domestic Product (GDP) growth is projected to slow from...

US$1.5 Trillion Blue Economy Potential Untapped In Africa

The Blue Economy – sustainable economic activity around the world’s oceans –...