IFC, MIGA agree Bujagali hydro refinancing

The IFC and MIGA have approved a plan to refinance more than $400 million of loans to Bujagali Energy and provide up to $423 million in guarantees in support of the Bujagali hydropower project in Uganda.

The refinancing package will extend the tenor of senior and subordinated loans originally provided in 2007 by IFC, the African Development Bank, the European Investment Bank, Dutch development bank FMO, France's Agence Francaise de Developpement and Proparco, Germany's DEG and KfW, and four commercial banks: ABSA, BNP Paribas, Nedbank and Standard Chartered Bank.

MIGA will provide political risk guarantees of up 20 years for equity investors in Bujagali Energy.