Sawa Energy

Subsidy : December 2025

BIO has granted EUR 29,500 of technical assistance to Sawa Energy, to contribute to the legal due dilligence costs and drafting of legal documentation.

Amount

€ 29,500.00

Type of investment

Subsidy

Beneficiary locations

Africa: Uganda

Investment field

Infrastructure

Activity

DD.35.113 Production of electricity: solar

Organisation

Sawa Energy

Domicile

Uganda

Founded in 2021 in Canada, Sawa Energy (“Sawa”) is the collective name used to describe the activities of two affiliated companies—Sawa Energy Corp (“DevCo”) and Sawa Energy BV (“AssetCo”)—which together develop, finance, and operate renewable energy projects in Uganda and Rwanda. The “Sawa Energy” itself is not a legal holding company, but rather a commercial umbrella under which the two entities collaborate closely. They install solar and hybrid systems, primarily grid-tied, but also off-grid solutions where required, tailored to the needs of commercial and industrial (C&I) clients, mainly small and medium-sized enterprises (SMEs).

Through long-term Power Purchase Agreements (PPAs) or lease contracts of 10–25 years, clients access clean, renewable energy at tariffs 20–30% below local grid rates, with the option to acquire the systems during or at the end of the contract period. As of October 2025, Sawa operates 58 sites with a total capacity of 3.9 MWp of solar PV and 1.13 MWh of battery storage. Of these, around 55% of the installed solar capacity and 95% of the battery capacity are located in Uganda.

BIO is looking to invest a 3.5 million USD convertible loan to the development of the operation in Uganda

Technical assistance

The due diligence associated legal costs, normally covered by the sponsor, are expected to be higher than initially planned (because of the decision of not offering a direct equity investment but a convertible loan). In the case of Sawa, the amount involved is considered disproportionate compared to the size of the project, and it represents a significant burden for the sponsor. Secondly, BIO considers that Sawa’s investment and financial team would highly benefit from an external support to strengthen their capacities in project finance and the understanding of the requirements associated to this transaction. BIO views this initiative as mutually beneficial, as the knowledge and skills transferred to Sawa’s teams will support smoother execution of the disbursement processes for both senior lenders and BIO’s quasi-equity investment.