Global alternative asset manager The Blackstone Group has exited a 65 percent stake in Bujagali Energy (BEL), the developer of the 250-megawatt Bujagali hydropower project in Uganda. SN Power, a hydropower developer owned by development finance institution Norfund, acquired Blackstone’s interest for US$277 million. Blackstone first invested US$120 million in the BEL project in December 2007 through Blackstone Capital Partners IV. The exit, originally announced in April 2016, was facilitated by BEL’s July 2018 US$400 million debt refinancing, which was led by the African Development Bank and International Finance Corporation. Development finance institutions CDC Group, DEG and Proparco, as well as South Africa-based lenders ABSA Bank and Nedbank, also participated in the refinancing.