Rwanda’s growing capital market achieved another milestone on Friday as Energicotel PLC officially listed its Series II corporate bond on the Rwanda Stock Exchange (RSE), following an impressive 145 percent subscription rate that signaled powerful investor confidence in the country’s private-sector potential.
The Frw 2 billion bond represents the second tranche of Energicotel’s Long-Term Fixed-Rate Bond Program, launched in 2021. The company, a leading Independent Power Producer and energy-solutions provider, is known for powering businesses and communities while driving Rwanda’s clean-energy transformation.
Speaking during the ceremony at the RSE trading floor, Pierre Celestin Rwabukumba, Chief Executive Officer of the Rwanda Stock Exchange, commended Energicotel for its consistent growth and the confidence it continues to inspire among investors.
“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.
Rwabukumba noted that Energicotel’s story exemplifies how companies of all sizes can use capital markets to raise long-term financing while strengthening governance and visibility. “Capital markets don’t just offer capital; they provide visibility and trust for companies to operate and compete in today’s business landscape,” he added.
He also observed that Rwanda’s capital market is diversifying rapidly, with more than 100 instruments now listed, including seven corporate bonds, 86 government bonds, and ten equities.
The oversubscription of Energicotel’s bond, he said, shows that investors are increasingly eager to participate in national growth through sustainable investment vehicles.
Echoing this optimism, Thapelo Tsheole, Chief Executive Officer of the Capital Markets Authority, congratulated all partners behind the successful transaction.
“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,” he said.
Representing the arranging and advisory team, Ivy Hesse, Acting Managing Director at BK Capital, praised Energicotel’s foresight and preparation.
“The universe doesn’t give to those who just want, but to those who prepare,” she remarked. “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.
Adding perspective on the market’s maturity, Jean Bosco Iyacu, Chief Executive Officer of Access to Finance Rwanda (AFR), described Energicotel’s journey as a landmark for local enterprise.
“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. The oversubscription reflects not only strong investor confidence in Energicotel but also growing trust in Rwanda’s capital-market ecosystem,” he said.
Iyacu said AFR remains committed to helping more small and medium-sized enterprises prepare for capital-market financing through its Terimberi SME Facility. “This listing demonstrates that SMEs can raise funds beyond traditional banking. Energicotel’s success will inspire others to follow,” he said, adding that such participation contributes directly to Rwanda’s long-term development.
Representing the issuer, Ferdy Turasenga, Executive Director of Energicotel PLC, thanked investors and partners for their faith in the company.
“When 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.
Turasenga underlined Energicotel’s belief in sustainability and inclusive growth. “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.
As Rwanda continues to promote private-sector participation in infrastructure and clean energy, Energicotel’s listing stands as a symbol of how disciplined entrepreneurship, regulatory collaboration, and investor trust can converge to build national progress.
The proceeds from the bond will support Energicotel’s expansion in power generation and energy-efficiency projects, reinforcing the company’s commitment to deliver reliable, sustainable energy solutions that empower communities and fuel Rwanda’s socioeconomic transformation.
