Name of the Project
Peat-to-power project.

Location
Rwanda.

Client
HQ Power Rwanda, whose shareholders include Turkish power generation company Hakan Mining & Electricity Generation Company; investment company Quantum Power; and project development company Themis.

Project Description
The project aims to increase access to electricity for the three-quarters of the country’s population currently off the grid, and involves the construction of an 80 MW peat-to-power project.

The project will use Rwanda’s significant peat reserves, estimated at 155-million tons, to improve the country’s installed generation capacity, which is currently at 186 MW.

Jobs to be Created
Not stated.

Value
A $350-million deal has been signed to finance the project. The signatories include Africa Finance Corporation (AFC), which is arranging total senior debt facilities of $225-million, contributing $75-million in loans and providing an underwriting commitment of $35-million. The Development Agency of Finland is the lead arranger for the junior debt and will provide $10-million of the mezzanine debt tranche.

Also contributing to the financing deal are the Eastern and Southern African Trade and Development Bank (PTA Bank), the African Export-Import Bank (Afreximbank), the Development Bank of Rwanda (BRD) and the Export-Import Bank of India.

Duration
The power plant is expected to be commissioned in 2018.

Latest Developments
None stated.

Key Contracts and Suppliers
AFC (senior debt facilities); Finnfund (junior debt facilities); and PTA Bank
Afreximbank, BRD and Export-Import Bank of India (finance contributors).

On Budget and on Time?
Not stated.

Contact Details for Project Information
HQ Power Rwanda, email info@hqpower-rwanda.com.