Prime Energy's Green Bond Fully Subscribed with $7.06M
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Sandy Rusera, Prime Energy CEO
Prime Energy Plc, a Rwandan renewable energy producer, has successfully raised Rwf9.58 billion through its first green bond issuance, marking a milestone as the country's inaugural green bond offering. The seven-year bond, which was fully subscribed by institutional and retail investors, was initially announced in March but later reopened for subscription in late September.
The funds will support the expansion of Prime Energy's production capacity, with 75% of proceeds allocated to the Rukarara VI renewable energy project in Nyamagabe District. The remaining funds will go toward maintaining existing hydropower facilities, including Rukarara II, Mukungwa II, Gisenyi, and Gashashi.
Prime Energy issued the bond in two tranches, offering a 13.75% annual interest rate on the Rwandan Franc tranche and 9.5% on the US Dollar tranche, both payable semi-annually. CEO Sandy Rusera emphasized that the bond’s success reflects investor trust in the company’s financial strength and commitment to sustainability. Rusera noted that the funds will enable Prime Energy to play a pivotal role in Rwanda’s green energy transition by expanding energy access.
Source: Alice Kagina / The New Times
Prime Energy
As part of the solution to the need for electricity and other energy products, we established in 2014 with due registration and operations in Rwanda as pioneers of the nascent private power generation industry in the country.
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