In December 2023, OeEB signed a long-term credit line of USD 12 million alongside EIB (USD 16 million) and BIO (USD 12 million) to Towerco of Africa Uganda Limited ("ToA Uganda"), a tower infrastructure company based in Uganda. The loan will be used to finance the construction of telecom towers in Uganda.

Project name Towerco of Africa Uganda Limited (ToA Uganda)
Region Sub-Saharan Africa
Sector Energy / Resource Efficiency / Infrastructure
Service Investment Finance
Project Country Uganda
OeEB project volume USD 12 million
International climate finance according to UNFCCC Partially
Additionality Financial additionality
Project partner(s) EIB, BIO

Towerco of Africa Uganda Limited (ToA Uganda), founded in 2020 as Ubuntu Towers Uganda Limited, is an independent provider of passive wireless telecom infrastructure solutions for mobile operators in Uganda. ToA Uganda is a subsidiary of the pan-African telecommunications service provider Axian Telecom and is licensed by the Uganda Communications Commission (UCC).

While Uganda targets to increase the geographical mobile network coverage to 95% of the country’s territory, the current estimated coverage amounts to approx. 65%. ToA Uganda rollout of telecom towers financed by OeEB, EIB and BIO will not only make a significant contribution to the achievement of Uganda’s network coverage goal but also improve the mobile connectivity in the rural areas and promote digitalization in a Sub-Saharan African LDC-country. 

As all new off-grid telecom towers will be mainly powered by renewable energy by using hybrid energy solutions and optimizing the use of solar energy, the project is expected to be 50% climate creditable.