The company received subscriptions worth Frw 2.9 billion against its Frw 2 billion issuance, making this the second bond under its Frw 6.5 billion long-term programme listed on the Rwanda Stock Exchange (RSE) in August 2021.
The new bond carries a seven-year tenor, maturing on September 27, 2032, with a fixed coupon rate of 13.75% payable semi-annually. Its amortising structure ensures both principal and interest will be repaid in instalments, lowering default risks and reinvestment exposure for investors.
Proceeds from the issuance will support general corporate purposes and repayment of existing obligations. The bond is set to list on the RSE on October 10, 2025, offering liquidity to investors and further deepening Rwanda's capital markets.
Eng. Carine Mukashyaka, Managing Director of Energicotel, described the oversubscription as a vote of confidence in the firm's strategy and governance.
'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,' she said.
The issuance attracted a broad base of retail, institutional, and corporate investors, reflecting a growing appetite for sustainable investments in Rwanda. BK Capital, the investment services arm of BK Group, acted as the sponsoring broker for the transaction.
Ivy Hesse, Acting Managing Director of BK Capital, said the deal signals confidence in Rwanda's financial markets.
'The strong investor subscription reflects the trust in Rwanda's capital markets. At BK Capital, we remain committed to creating avenues for corporates and investors to access financing and investment opportunities that build Rwanda's future,' she said.
Founded in 2014 under the EPC Africa Group, Energicotel operates three micro-hydroelectric plants across Rwanda and has provided engineering services for major regional energy infrastructure, including the 80 MW Rusumo Falls project.
As it enters its second decade, the company is expanding into new energy businesses, including gas trading and solar power projects in Rwanda and Kenya, set to commence in 2026.
With a track record of delivering beyond targets, Energicotel says the bond proceeds and its diversification strategy will position it to play a greater role in meeting Africa's growing energy demand while strengthening Rwanda's capital market.
Wycliffe Nyamasege
