Nov. 30 (Bloomberg) -- Umeme Ltd., a Ugandan power distributor owned by Actis LLP’s Infrastructure 2 Fund, will invest $32 million next year to improve substations, boost new connections and set up prepayment systems, it said.
The company has invested $96 million in expanding and refurbishing the nation’s electricity network since winning the concession in March 2005, it said in a statement published in the Kampala-based Daily Monitor newspaper today. That’s 47 percent more than the $65 million the company was required to invest by March 1, 2010, according to its concession terms.
Umeme holds a 20-year distribution concession in the East African nation until 2025. CDC Group Plc, an investor in developing countries owned by the U.K. government, is the largest investor in the Actis fund that owns Umeme.
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