The Uganda Electricity Generation Company Limited (UEGCL) is staring at UGX 5 trillion outstanding loan obligations from Karuma and Isimba Hydro Power Projects. The loan obligations arise from UGX 1.3 trillion construction costs for the 183.2 Megawatts and UGX 3.8 trillion to the 600 Megawatts Karuma Hydro Power Project, according to the Auditor General’s report attached to the 2023 UEGCL annual performance report. The Auditor General, John Muwanga while assessing UEGCL’s financial statements noted that the company has so far accumulated interest amounting to UGX 447 billion on the Karuma Power Project loan, arising from the power plant’s inability to…
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