Uganda’s off-grid energy sector needs to almost triple its reach to achieve universal access by 2030. Although Uganda’s OGS sector has raised large amounts of capital to date, significantly more is needed to bridge the energy access gap. Further, large companies have accounted for the overwhelming majority of the capital raised, while small businesses have reported significant challenges with attracting commercial investment. In this report, we analyze the funding shortfall in the off-grid energy sector, deep-dive into the demand-side barriers to funding, and propose recommendations for stakeholders to improve the flow of funds into the industry.