(MENAFN- Daily News Egypt)
African Trade & Investment Development Insurance (ATIDI) has announced its plan to support the 20 MW Ituka West Nile Uganda Ltd solar project, developed by AMEA Power, a Dubai-based Independent Power Producer (IPP).
The project will connect to the national grid through a new high-voltage transmission line operated by Uganda Electricity Transmission Company Limited (UETCL).
ATIDI will provide payment guarantees for the project through its Regional Liquidity Support Facility (RLSF) on behalf of UETCL.
The partnership was announced at a signing ceremony during the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) in Dubai.
The power plant will sell the electricity it produces to UETCL under a 20-year Power Purchase Agreement (PPA).
“Our recent collaboration with IPPs in Uganda is not only about power generation; it's also about empowering communities, driving economic growth, and fostering a sustainable future,” said Manuel Moses, ATIDI's CEO.
“We appreciate ATIDI's support, which is vital for the project's success. Our solar project will not only provide essential power to homes and industries, but also boost economic growth, create jobs, and protect the environment,” said Aqueel Bohra, AMEA Power's Senior Director for Project Development.
The RLSF policy, which will last for an initial period of 15 years, will cover up to six months of revenue for the IPP.
The signing of the RLSF policy depends on the two parties agreeing on the final form of the policy documents.
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