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 technical assistance has 2 objectives :

1. Share the costs related to the legal due diligence and the establishment of the legal documentation, normally fully covered by the sponsor/client, but which are considered disproportionate compared to the size of the project in this case.

2. A capacity-building support through the engagement of an external consultant, who will assist in managing the transaction execution and closing processes with the senior lenders more efficiently and independently, in close collaboration with Sawa’s investment and finance teams:

Train Sawa team members on how to update and manage the CP (“Condition Precedent”) tracker, document workflows, and escalation protocols.

Collaborate with the Sawa team to ensure that all CP documents required from Sawa are prepared, signed, and submitted on time.

Guide and coach the finance and investment teams in coordinating with local counsel to ensure timely preparation, review, and submission of all local documents.

Support the team in uploading approved CP documents to the lender’s document portal and tracking lender feedback.

Facilitate structured communication between Sawa, local counsel, and lender counsel — establishing a repeatable process for future transactions.

Work with local counsel and the Sawa team to manage release documents related to existing security, ensuring proper sequencing and compliance.

Support the team on best practices for managing signatures, notarizations, and other closing items (wet ink or electronic) in line with legal requirements.