Rwandan govt signs agreement with Symbion Power, Project to generate electricity in Q1 2020

Rwanda is planning to produce an extra of 56 megawatt of electricity after Symbion Power established USD 200 million energy plant on the shores of Lake Kivu. An agreement has been signed with the government of Rwanda on Friday, March 29.

The investor will commence producing electricity in the first phase of 2020. Symbion Power is not going to take any financial assistance from a lender or financier for implementation of the project as the fund has already been mobilized. The government of Rwanda looks forward to receiving 512 megawatt by 2024 from the current 221 megawatt and this new establishment will add impulse to the target. The local energy sector currently has investments of about USD 491 million, as reported by The New Times.

The investor’s experience was much-needed diversity in the sector, said Claver Gatete, Rwanda’s Minister of Infrastructure while welcoming the development. “We cannot achieve the target without investors like Symbion in the private sector,” the 56-year old Minister said.

Once the current project is accomplished, the group will invest in the second phase of development of around USD 105 million. The increase in generation is expected to reduce dependence on fuel which is currently at 27 percent to about 5 percent as well as reduce the import bill.

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