Investment | SN Power AS Invests in the Bujagali Hydropower, Uganda

JOHANNESBURG – Allen & Overy LLP announced today that it has advised SN Power AS, the state-owned Norwegian company and one of the world’s leading international hydropower firms, on its acquisition of an interest in the Bujagali hydropower project (“Bujagali”) in Uganda from SG Bujagali Holdings, Ltd (“SGBH”).

Bujagali is a 250 MW hydropower facility located near Jinja, Uganda. It has been financed and developed by Bujagali Energy Limited, an entity owned by affiliates of the Aga Khan Fund for Economic Development, SGBH and the Government of Uganda. The project’s debt financing arrangement includes development finance institution lenders such as the African Development Bank, World Bank Group and European Investment Bank.

Commissioned in 2012 and widely considered to be the most successful public private partnership in the Sub-Saharan African power sector, Bujagali has been used as a model for subsequent projects in the region. Since beginning operations almost four years ago, it now generates roughly half of Uganda’s power supply and has catalysed strong economic growth by reducing the marginal cost of electricity generation by two thirds.

The A&O team was led by partners Tim Scales & John Geraghty from our London office, assisted by associates Jessica Cairns, Brodie Same, Kaylee Lemieux, and Pravesh Lallah. Tax advice was provided by partner Chris Harrison assisted by senior associate Gareth Banfield. Local Ugandan advice was provided by MMAKS Advocates.

SGBH, a Mauritian company indirectly owned by investment funds managed by Blackstone, was advised by Kirkland & Ellis, with a team led by partner Rhett van Syoc and associate Kfir Abutbul.

For further information, please contact Tamsin Freemantle, Tamsin.Freemantle@AllenOvery.com, on +27 10 597 9850.

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