Operis acted as model auditors for the Bujagali Hydropower project, which successfully achieved financial close in December 2007.
The Bujagali Hydropower project is the largest independent power project in Africa and involves the construction of a 250MW power generating facility in Uganda, situated near Jinja on the River Nile 8 km north of its source, Lake Victoria. The aim of the project is to tackle the Ugandan electricity crisis. Currently Uganda’s primary source of electricity is the 180MW hydropower built in 1954 which is inadequate to the countries power needs necessitating rolling blackouts throughout the country.
The project, which has recently been named African Power Deal of the Year, is part of a broader World Bank Group response to a request from the Ugandan government to address the power needs of the nation. The World Bank Group financing package comprises a $130 million IFC loan, a partial risk guarantee of up to $115 million from the International Development Association to benefit the project’s commercial lenders, and an investment guarantee of up to $115 million from the Multilateral Investment Guarantee Agency to Sithe Global Power. Seven other development finance institutions are supporting the project in recognition of its expected development impact.