Insurance group Jubilee Holdings increased its stake in Uganda’s hydroelectric power plant Bujagali, to 40.9 per cent.
Jubilee’s stake before the end of 2020 was 25 per cent before investing an additional KSh4.4 billion.
The further investment in Bujagali is part of JHL’s strategy to hold a broadly diversified and conservative portfolio of investments.
Bujagali was commissioned in August 2012, putting an end to years of constrained economic growth caused by an insufficient and unreliable power supply in Uganda. It remains the first independent power producer in Uganda and one of the largest Clean Development Mechanism projects.