The Frw 2 billion bond marks the second tranche of Energicotel's Long-Term Fixed Rate Bond Program, first introduced in 2021.
The listing highlights the growing role of Rwanda's capital markets in financing private sector growth and supporting the country's energy transition.
Energicotel, a leading Independent Power Producer (IPP) and energy solutions provider, plans to use proceeds from the bond to expand power generation capacity and implement energy efficiency projects.
At the listing ceremony, RSE CEO Pierre Celestin Rwabukumba commended Energicotel for its consistent performance and transparency.
'Energicotel is not just a power-producing company. With their work, they are powering progress and empowering people. Four years ago, they joined our fixed-income market after graduating from the Capital Market Investment Clinic, and today they are back to list the second tranche, a testament to sustained growth and investor confidence,' he said.
The RSE boss noted that the company's journey, which began with its participation in the Capital Market Investment Clinic in 2021, exemplifies how Rwandan firms can leverage capital markets to fund expansion and gain credibility.
'Capital markets don't just offer capital; they provide visibility and trust for companies to operate and compete in today's business landscape'.
Capital Markets Authority CEO Thapelo Tsheole said the listing reflects strong collaboration between market participants and growing citizen engagement in Rwanda's capital markets.
'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,' Tsheole stated.
Ivy Hesse, Acting Managing Director at BK Capital, the transaction advisor and lead arranger, highlighted Energicotel's disciplined preparation.
'The universe doesn't give to those who just want, but to those who prepare. From the beginning, Energicotel prepared itself by joining the investment clinic, setting clear intentions, and proving its commitment. Investors responded by giving them the capital to bring their vision to life,' she said
Access to Finance Rwanda CEO Jean Bosco Iyacu described the oversubscription as a sign of Rwanda's maturing capital market.
'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 said
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 noted that 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 lists over 100 instruments, including 86 government bonds, seven corporate bonds, sustainability-linked and green bonds, and 10 equities.
The successful Energicotel listing affirms the country's commitment to a dynamic and inclusive capital market that channels private investment into national development.
Wycliffe Nyamasege
