The UK-funded Climate Finance Accelerator (CFA) Uganda has selected six innovative businesses to join the second phase of its capacity-building programme.
Chosen from over 140 applicants, these low-carbon projects will receive tailored support from Ugandan and international experts to improve their chances of securing investment.
The selected projects include Agrosahas International Private Limited, an organic agritech platform that provides artificial intelligence, machine learning, and satellite-based precision farming services to farmers.
Bukona Agro Processors Limited, a clean cooking initiative, produces ethanol cooking fuel and efficient ethanol-fuelled stoves.
CO2 Balance UK Limited, another selected project, rehabilitates non-functioning boreholes to provide access to safe water in Northern Uganda.
Other participants include Ebee Uganda, which offers electric bicycle sales, services, and rentals for businesses and last-mile delivery, Ecobrixs, which recycles plastic waste into PET flakes for factories in Uganda and for export, and Ecoplastile Limited, a waste management service that recycles waste into high-performance, low-carbon construction materials.
Ecoplastile also offers cash incentives to individuals who participate in recycling.
The six businesses will receive expert guidance on financial, technical, and gender equality and social inclusion (GESI) issues.
This includes support with financial models, preparing pitch materials, and enhancing the GESI aspects of their projects.
The businesses, which operate in sectors such as waste management, transport, energy, and agriculture, forestry, and other land uses (AFOLU), aim to benefit communities and reduce carbon emissions across Uganda.
Collectively, they are seeking over $28 million (approximately Shs1.3 billion) in funding.
Additionally, four more businesses have been invited to attend some CFA webinars as affiliate members to strengthen their projects in preparation for future applications to the CFA programme.
Chargé d’Affaires Philip Smith expressed enthusiasm for the new cohort.
“After the success of CFA Uganda’s first phase earlier this year, I am delighted that we have quickly selected six exciting new businesses for the next cohort. The entrepreneurs leading these projects will face challenges and be inspired throughout the process. I’m confident they will see the direct benefits as they seek investment for their ambitious projects that aim to safeguard Uganda’s future against climate change.”
Smith further highlighted the UK’s focus on climate and nature, noting that the UK government is committed to building a Global Clean Power Alliance to accelerate the transition to clean energy.
“This will deepen our partnership with Uganda and help unlock new climate finance through innovative approaches,” he added.
Following the capacity-building and mentoring sessions, a November event in Kampala will bring project developers together with investors who will offer detailed advice.
The developers will also have an opportunity to pitch their projects directly to investors.
In November, participants from both the current and previous CFA Uganda cohorts will participate in a virtual event with regional investors.
Four projects will travel to London in December to pitch to City of London investors.
Success stories from CFA South Africa have seen over US$96 million in investment, including businesses like Wetility (solar energy), Everlectric (electric vehicles), and BSF Breeding, which breeds black soldier flies.
CFA projects in Mexico have secured nearly US$180 million in investment.
Amanda Kabagambe, Managing Director of Bethel Advisors, expressed excitement about the programme’s progress.
“We are delighted to continue our support under the CFA programme, helping catalyse climate finance into Ugandan projects. This phase builds on our pilot and includes pitches to international investors in London and a local policy forum to strengthen the environment for these projects.”
