It has been one year since Rwanda Stock Exchange (RSE) started trading the first ever Long-Term Fixed Rate Corporate Bond issued by a private energy investor – ENERGICOTEL PLC “ECTL” a subsidiary of EPC Africa Holding Ltd.
Currently, ECTL operates 3 Hydro Power Plants in the Republic of Rwanda with several others under development across the African continent namely Kenya, DRC, and Zimbabwe.
It all started when The Rwandan Government, through the Capital Market Authority (CMA), initiated a program to promote a favorable framework for the mobilization of capital for private and medium-sized companies. The idea was to launch a model project as a demonstration of the issuance of a corporate bond, aiming to unlock its full potential.

ECTL’s listing journey was motivated by the Government’s call for the private sector to participate in the development of the Capital Market and diversification of funding sources. ECTL understood that going public on the capital market presented new opportunities that will drive the promotion of business growth strategy and facilitate the realization of future projects in Rwanda and abroad.
ECTL benefited from the considerable support from the Government of Rwanda through Access to Finance Rwanda, Capital Market Authority, and Rwanda Stock Exchange throughout the process of fulfilling listing requirements from administrative, corporate, and financial requirements to setting up the transaction as well as all the prerequisites and many more.
After overcoming the challenges encountered in the process, ECTL was at last officially listed in August 2021 and successfully raised Frw 3.5 billion as the first tranche of its Frw 6.5 billion Long Term Fixed Rate Corporate Bond subscription. One year later, ECTL is looking forward to cash in the second tranche worth Frw 3 billion by the end of 2022.