Energising Development (EnDev) Uganda in collaboration with Equity Bank Limited Uganda have launched the Results-Based Financing (RBF) Programme, a response to Uganda's pressing need for increasing access to modern, efficient, and high quality energy solutions.
With EnDev's financial support, the initiative aims to address energy poverty by incentivizing private sector to expand their sales and distribution outreach in order to boost the adoption of solar systems and improved cookstoves for household use, social institutions e.g., schools, and productive use of energy to increase income generation of Micro, Small and Medium Enterprises (MSMEs). At its core, the project seeks to enhance livelihoods, improve health outcomes, and promote environmental sustainability.
At the launch event, Dr. Brian Isabirye, Commissioner of Renewable Energy at the Ministry of Energy and Mineral Development, Uganda, underscored the role of financing in driving Uganda's energy transition. He emphasized the importance of accessible and sustainable funding mechanisms to facilitate change.
Un-Young Yong, Project Manager of Energising Development (EnDev) Uganda, highlighted the significance of collaboration with Equity Bank Uganda, outlining ambitious targets to reach households, MSMEs, and schools with renewable energy solutions.
Equity Bank as the Fund Manager will be responsible for launching the RBF Call for Applications, evaluation of bids, performing due diligence of companies/entities who apply for the RBF, managing contracting and disbursement of RBF incentives to selected entities.
EnDev Uganda will be providing strategic guidance and commissioning of an independent verifier under this RBF Programme. This Equity Bank and EnDev Uganda collaboration demonstrates the cooperation between public and private entities in driving change and supporting the government objectives for a just energy transition.