Energicotel PLC, a Rwandan independent power producer, on October 10 listed its second tranche bond on Rwanda Stock Exchange (RSE), adding to its record of bond market activity. The listing is part of Energicotel’s Rwf6.5 billion fixed-rate bond programme launched in 2021, which was oversubscribed by 145 percent. ALSO READ: Press release: Energicotel PLC raises Rwf2 bn in oversubscribed bond offering Speaking at the listing ceremony, RSE Chief Executive Officer, Pierre-Célestin Rwabukumba, commended the company’s growth and transparency, saying it demonstrated how local firms can use capital markets to finance expansion. “Capital markets don’t just offer capital; they provide visibility and trust for companies to operate and compete in today’s business landscape,” he said. Thapelo Tsheole, CEO of Capital Markets Authority, commended the collaboration that made the development possible. ALSO READ: Rwanda’s stock market turnover crosses Rwf100bn mark in 2024 “This achievement shows the strength of our partnerships and the growing participation of citizens in our market. We are committed to building on this momentum to deepen market confidence and drive economic growth.” Ivy Hesse, Acting Managing Director of BK Capital, which served as transaction advisor and lead arranger, praised the issuer’s preparation and discipline in attracting investors. Jean-Bosco Iyacu, CEO of Access to Finance Rwanda, described the event as a reflection of Rwanda’s growing market maturity. ALSO READ: Mahwi Grain Millers lists second tranche bond on bourse “When we first engaged Energicotel in 2021, they were among the first SMEs to take the leap into the bond market. Today’s listing shows how far we've come.” He added that the oversubscription reflects not only strong investor confidence in Energicotel but also in Rwanda’s overall capital market ecosystem. Energicotel Executive Director Ferdy Turasenga thanked investors and partners for their faith in the company’s vision. “When the government focuses on providing essential needs like electricity and water, businesses like ours find an opportunity to contribute. Our investments create jobs for engineers, bankers, and communities, and their impact will last for generations,” he said. He said Energicotel’s mission extends beyond profits to long-term socioeconomic transformation. “Wherever we invest, we plant seeds for young engineers and innovators who will carry this work forward. Investing in engineering is not just a financial return, it’s a social return,” he said. Rwanda’s capital market currently counts more than 100 listed instruments, including corporate and government bonds, green bonds, and equities. The proceeds from the new bond are expected to support investments in power generation and energy efficiency projects, contributing to the country’s sustainable energy goals.
