Lenders

The Project equity for construction will be supplied by capital contributions from both public and private sector partners to REL. The Contracting States may utilize grants from multilateral organizations and agencies for the public sector equity.

Development funds will be sourced from private sector investments, with some public sectors covered by grants and concessional loans from the European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW), the German development agency, the World Bank, and the African Development Bank (AfDB).

Project debt will be raised by REL through a combination of typical project finance arrangements (non-recourse finance) and on-lent funds from the Contracting States.
Concessional funding for the on-lent funds is expected to be provided by various multilateral organizations and agencies, including the World Bank (WB), African Development Bank (AfDB), European Union (EU), European Investment Bank (EIB), and Kreditanstalt für Wiederaufbau (KfW).

Project finance debt is expected to be provided by various Development finance institutions, including the African Development Bank (AfDB), British International Investment (BII), the International Finance Corporation (IFC), the European Investment Bank (EIB), and the US International Development Finance Corporation (DFC). 

Ruzizi III Energy Limited (REL) is a special purpose vehicle that has been established and registered in Rwanda to develop the Ruzizi III Regional Hydroelectric project (Project). It is a key development project and will be one of the largest infrastructure projects in the region comprising Rwanda, Burundi, and eastern DR Congo. It is the first privately financed project in sub-Saharan Africa that will utilise a common regional water resource to generate power that will be shared equally between three countries.