Foreign companies pledge investment in Energy Sector during RwandaDay2015

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As the 2015 Rwanda day in The Netherlands came to a close in the Netherlands, foreign companies have shown interest in investing in Rwanda’s energy sector, a move likely to help the country achieve energy targets.

The companies from France and Italy are looking at investing in renewable energy, one of the priority areas where the country is wooing private investors to invest in.

“We wish to invest in Rwanda’s energy   mainly in solar very soon,” Andrew Shabnicker, a representative of Italian companies aid during the 2015 Rwanda Day on Saturday.

The 2015 Rwanda day that was graced by His Excellency President Paul Kagame attracted Rwandans in Diaspora as well as friends of Rwanda with all pledging to contribute to the development of the country.

Meanwhile, a consortium of companies from France also pledged to invest over 200 million euros in the country’s energy sector during the event.The country is looking at producing 563 Mega Watts of energy by 2017 in order to meet the expected demand of energy.

Currently, Rwanda produces only 125Mega Watts.

The investments also come at the time the   government  opened  doors  for  private investments  in the sector  as a way of  boosting its production,  moreover setting up  incentives for   investments going  to energy.

The private sector is involved in power generation through Independent Power Producers (IPP’s) and Private Public Partnerships (PPP’s) structures,”Olivier NgororabangaEnergy Specialist told this website.

According to the structures, the investors are assured of a minimum 25 years concession Agreement under the Power Purchase Agreement which ensures returns on investment by the investor.

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About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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