Sawa Energy

Debt : July 2026

BIO has granted a EUR 2M convertible loan to Sawa Energy. Sawa Energy installs solar panels (and batteries) for small and medium businesses in Uganda, Zambia and Rwanda; they pay a monthly fee that is 20–30% cheaper than grid electricity, with no upfront cost.

Today it runs more than 58 sites (3.9 MWp); a EUR 18.6M financing round will fund 30 MWp more across ~150 businesses over four years. BIO's convertible loan, alongside ElectriFI’s equity input will unlock senior debt from rA and Oiko.

Amount

€ 2,000,000.00

Type of investment

Debt

Development impacts

Access to basic services & goods
Local economic growth
Fight against climate change
Promotion of ESG best practices

Beneficiary locations

Africa: Uganda, Zambia

Investment field

Infrastructure

Activity

DD.35.113 Production of electricity: solar

Organisation

Sawa Energy

Domicile

Uganda

More investments in

Sawa Energy

Subsidy € 29,500.00 (2025)

Founded in 2021, Sawa Energy develops, finances and operates renewable energy projects in Uganda, Rwanda and Zambia.

This EUR 18.6M project aims at adding 30MWp of commercial and industrial (C&I) solar energy to c.150 SMEs in East Africa over the next four years and to refinance EUR 2.4M crowdfunding obtained in the development phase. Part of the budget could be potentially used to acquire existing solar installations that will contribute to this 30MWp target. The project will be funded by equity from ElectriFI (EUR 2.5M), quasi-equity from BIO (EUR 2M through a convertible loan), and with senior debt facilities from responsAbility and Oikocredit (each providing EUR 6.25M). Of the total financing amount, EUR 0.2M will be contributed by existing shareholders, with the remaining balance (EUR 1.4M) covered through AssetCo’s operational cash flow.

Development impacts

Access to basic services & goods
Improving access to (renewable) energy for about 150 new clients (mostly SMEs) in East African LDCs - mostly in Uganda (80% of future project pipeline) - through small-scale solar panels solutions that should add up to 30MWp installed capacity - from 58 enterprises with 3.9 MWp solar and 1.13 MWh of battery as of today, thereby providing each SME up to 30% of their energy needs, at a fixed and lower price and on a more reliable basis, also thanks to hybrid PV and battery systems that ensure continued power supply for SMEs more exposed to power outages.
Local economic growth
Supporting direct employment in the construction and O&M activity with about 30 workers - (mostly) local and low-skilled, hired through subcontractors, as well as significant power enabling effects expected from improved access to energy at the level of their client SMEs - estimated to 2,642 indirect jobs and USD 10M value add (based on JIM).
Fight against climate change
Funding an increase in solar RE capacity in Uganda - in line with Uganda's objective to accelerate the diversification of renewable energy sources and reduce dependence on hydropower, while supporting SMEs' transition to renewable energy and reducing the need for highly emissive diesel generators, thereby avoiding significant GHG emissions – estimated to 10,000 tons CO₂/year and overall supporting Uganda's commitment (NDC) to 25% reduction in GHG emissions by 2030.
Promotion of ESG best practices
Strengthening existing E&S management and basic practices through an ESAP with actions to support the implementation and complement EDFI MC recent ESAP, including on topics related to E&S capacity, working conditions (incl. for EPC contractors and suppliers), and the development of an end-of-life strategy for decommissioned sites.