US-Africa Summit: Uganda secures $4.5bn for energy transition

U.S. group Albertine Graben Energy Consortium Partners (AGEC) agreed with the government of Uganda that the Final Investment Decision (FID) for the estimated US $4.5 billion East African Energy Security Transition Investment project will be taken in 2023.
President Museveni standing with partners attending the US-Africa summit
| Photo Credit: nilepost

Digging up into the US-Africa Leaders’ Summit, U.S, where the government of Uganda made a resolution of investment and agreed with Albertine Graben Energy Consortium Partners (AGEC) for the rated US $4.5 billion East African Energy Security Transition Investment project will be taken in 2023.

Uganda’s envoys included his excellency , President Yoweri Museveni and AGEC ,Rajakumari Jandhyala, president and CEO of YAATRA Africa, Chief Executive Officers of Africa Finance Corporation (AFC), Eastern and Southern Trade and Development Bank (TDB), Honeywell Baker Hughes.

The East Africa Energy Security and Transition Project is an estimated US$ 4.5 billion energy project intended to increase value to natural resources.

The project is also aimed at setting up regional energy facilities producing already processed fuels and accessory storage, market distribution infrastructure among others.

Importantly, the project is established , funded as a joint venture (JV) between the government of Uganda not leaving out the East Africa partners ,AGEC with its private sector partners.

For the imposition of strategic economic investment in which Uganda and the East Africa region will gain, the project merges US private sector companies, African vision, leadership and capacity with world wide experts and investment partners.

All this comes after discussion was done to ensure committed feedstock from the government of Uganda joint venture partners (Total Energies, CNOOC, UNOC) and implementation.

It will also aid in the introduction and adoption of LPGs at the household level, given that nearly 90% of households use charcoal, hence bearing part of weight for the government of Uganda’s nationally determined contributions committed within the Paris Agreement.

The project will also supply fuel to support regional industries including transportation, aviation, agriculture, and manufacturing and this is a crucial contribution towards energy security.

The president of Uganda encouraged unity between Uganda and United States of America enabling security.

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