KIGALI 7th October 2025– Energicotel PLC (ECTL), Rwanda’s Independent Power Producer and engineering consulting firm, has announced the successful closure of its Series Two Billion Rwanda Francs (Frw 2 billion) corporate bond, which attracted overwhelming investor interest with a subscription rate of 145%. A total of Frw 2.9 billion worth of subscriptions were received against the Frw 2 billion issued bond, underscoring strong investor confidence in Rwanda’s energy sector and ECTL’s good governance and growth trajectory. The bond is the second issuance within its Frw 6.5 billion long-term programme listed on the Rwanda Stock Exchange (RSE) in August 2021.
The Energicotel PLC Series Two bond has a 7-year tenor maturing on September 27, 2032, with a fixed coupon rate of 13.75% payable semi-annually. The bond has an amortizing structure, meaning both interest and principal will be repaid semi-annually, reducing reinvestment and lowering default exposure for investors.
The proceeds from the issuance will be utilized for general corporate business purposes and the repayment of existing obligations.
A Milestone for Rwanda’s Capital Markets
The bond will be listed on Rwanda Stock Exchange (RSE) on October 10, 2025, offering investors liquidity and further deepening Rwanda’s financial markets.
Investor participation was broad-based, including retail, institutional, and corporate investors, reflecting growing appetite for sustainable investments in Rwanda.
Leadership Remarks
“The oversubscription of our bond is a strong endorsement of our creditworthiness and growth strategy. This milestone not only strengthens our capital base but also reinforces our commitment to delivering sustainable returns for investors. Looking ahead, this success positions us well for future issuances as we diversify our funding sources and continue contributing to the deepening of Rwanda’s capital market. We deeply value the trust shown by investors and remain committed to maintaining transparency, disciplined execution, and consistent value creation.” — Eng. Carine Mukashyaka, Managing Director, ECTL
Transaction Advisors
The sponsoring broker for the transaction was BK Capital, a subsidiary of BK Group and Rwanda’s leading investment services provider.
“We are delighted to have supported Energicotel PLC in this landmark issuance. The strong investor subscription reflects the trust in Rwanda’s capital markets. At BK Capital, we remain committed to creating avenues for both corporates and investors to access financing and investment opportunities that build Rwanda’s future.” — Ivy Hesse, Ag. Managing Director, BK Capital
About Energicotel PLC
Founded in 2014 under the EPC Africa Group, Energicotel PLC (ECTL) is a Rwandan-based Independent Power Producer and engineering consulting firm. ECTL operates three micro hydroelectric plants across Rwanda and has provided engineering services for major regional projects, including the Rusumo Falls 80 MW hydropower project between Rwanda, Burundi and Tanzania, ECTL designed, built and commissioned Rubavu Port Substation and ongoing Rusizi Port Substation. As ECTL has entered its second decade, the company is strategically diversifying into new business areas to ensure sustainable growth, with these key projects under development to kick off early in 2026 including but not limited to development of the new hydropower plant in Kenya as well as in Rwanda and the company is diversifying its portfolio into other sources of energy required on daily basis such as:
ECTL Gas – Development of a Gas trading business, including:
- Wholesale & Distribution of LPG for households and industrial consumption.
- Cylinder refilling station
- Safe Gas storage
- B2B and B2C distribution models
- ECTL Solar: Development and provision of innovative solar energy solutions, including solar systems and battery storage technologies, with a focus on delivering both national and regional solar power projects.
With a strong leadership team and highly skilled management team, the company has a proven track record of delivering beyond its set targets, ECTL is therefore committed to contribute significantly to the Africa’s sustainable energy demand.