Namanve Power Station is owned and operated by Jacobsen Electricity Company (Uganda) Limited, a wholly owned subsidiary of Jacobsen Elektro, an independent Norwegian power production company. The plant cost US$92 million (€66 million) to build. Funding was provided by several sources including: (a) The Government of Norway, through a NORAD grant (b) Nordea Bank of Norway (c) Stanbic Bank Uganda and (d) Jacobsen Elektro. The plant uses heavy fuel oil, a byproduct of petroleum distillation. Construction of Namanve Power Station started in January 2008 and was completed in July 2008. Power production began in August 2008 on a trial basis, with commercial production commencing in September 2008. The power station was commissioned in November 2008. Jacobsen Electro, the company that built the station, also owns it.