Project area: Power generation
Project name: Seeking funding to set-up a thermopower plant
Company/Promoter description: GIDS Consult Limited seeks a partner to develop Geothermal Power Plant at Buranga, Sempaya, in Bundibugyo District, Western Uganda. The company is planning to drill three deep production wells there and develop 30 MW well-head geothermal power plant units at each well. Initially, the company shall develop a 100MW geothermal power plant before any expansion. The pre-feasibility studies completed at Buranga indicate a huge potential area for geothermal exploration and development with subsurface temperatures of approximately 150 – 200 ̊C. These temperatures are suitable for electricity production and direct use in industry and agriculture.
Project Description: In Uganda, there are 4 million houses living off the grid. The company sells solar systems using a credit arrangement. To date, SunPower has sold 700 (systems and reached 5,000 people) throughout Uganda. The company foresees opportunities for its customers to earn from selling their surplus power to their neighbors. To be able to many rural customers, who lack financial resources, substantial product price reductions will be needed. The said reductions will, in turn, require sizeable equity investment. Therefore, in order to reduce the price, SunPower will need substantial equity investments.
Project objectives: To reach 200,000 customers by 2026. Long-term target is 1,000,000 customers.
Promoter contribution: Financing staff payroll and working capital expenses.
Partnership Request: Seeking EUR 1,060,000 in exchange for equity in the business.