Engie invests in Uganda's Green Bio Energy

French energy group Engie (EPA:ENGI) on Thursday said it bought an 18.5% minority stake in Green Bio Energy, a waste energy recovery company active in Uganda.

The investment was made via the Engie Rassembleurs d’Energies initiative which provides technical and financial support for projects contributing to sustainable energy access for vulnerable population groups throughout the world.

Green Bio Energy produces improved cookstoves and charcoal briquettes reconstituted from waste materials. Disadvantaged communities manufacture the briquettes using wood charcoal dust and burnt banana peels.

The company's goal is to improve the quality of life of nearly 300,000 people by reducing emissions of fine particulate matter in homes and over 268,000 metric tons of CO2 emissions by 2020.

Green Bio Energy is the 17th investment of “Engie Rassembleurs d’Energies” and its 6th in Africa. The EUR 50 million fund invests in projects with high social and environmental benefits that are economically viable and are supported by innovative entrepreneurs.

Choose your newsletter by Renewables Now. Join for free!