Uganda Off-Grid Energy Market Accelerator (UOMA), in collaboration with United States Agency for International Development (USAID)’s Power Africa, hosted a matchmaking event for solar irrigation financing in Kampala on 28th August 2019. Under UOMA’s productive use initiative, we have supported the industry by testing and validating productive use technologies that can achieve economic benefits for off-grid Ugandans while growing energy demand.
Productive use applications in agriculture (e.g. solar pumping) have particularly high potential to bolster energy demand given the high proportion of Ugandans working in agriculture. Despite the impact potential, solar irrigation companies in Uganda still face challenges accessing financing.
UOMA hosted the matchmaking event to close the finance gap by increasing information flow between companies and financiers, and making direct connections that can lead to deals. A total of 28 stakeholders including operators, financiers, intermediaries, development partners and government agencies were in attendance.
The event kicked off with presentations introducing the state of the sector, detailing customer profiles, and highlighting innovative business models. This was followed by a panel discussion with various financiers who shared relevant financial products within their portfolio and elaborated on their long-term strategies for solar irrigation.
Early feedback indicates that attendees have already been in touch to discuss potential opportunities following discussions during the event. UOMA will continue to encourage dialogue amongst key stakeholders to mobilize financing for the sector and monitor the impact of initiatives carried out.