The Sponsors

Ruzizi III Energy Limited is a private limited company registered in Rwanda as a special-purpose vehicle for the development, construction, and operation of the Ruzizi III Regional Hydropower Project. The Company will be registered as a Community Enterprise at the CEPGL level in parallel with financing for the project construction. The Company will function following various consents issued by the Contracting States and at the CEPGL level as required for construction and operations.


Ruzizi III Energy Limited (REL) will be a public-private partnership during construction and operation of the Project.

The shareholders of REL during the initial development period are Industrial Promotion Services (IPS) and SN Power AS (SNP)

IPS is the infrastructure and industrial development arm of Aga Khan Fund for Economic Development (AKFED). Within East Africa, IPS has operations in Kenya, Uganda, Tanzania, Burundi, Mozambique, and DRC and employs over 10,000 people. Outside the East and Central Africa region, IPS operates in Cote d’Ivoire, Burkina Faso, Mali, Senegal, Tajikistan, Afghanistan, Kyrgyzstan and Pakistan.

AKFED is an international development agency dedicated to promoting entrepreneurship and building economically sound enterprises in parts of the developing world that lack sufficient foreign direct investment. It also makes bold but calculated investments in situations that are fragile and complex. It is part of the Aga Khan Development Network.

SN Power is owned by Scatec ASA; a leading renewable power producer, delivering affordable and clean energy worldwide. As a long-term player, Scatec develops, builds, owns and operates solar, wind and hydro power plants and storage solutions. Scatec has more than 3.5 GW in operation and under construction on four continents and more than 500 employees. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’.

After financial close, the shareholders of REL will be Ruzizi III HPCL (comprising SNP and IPS) and the Contracting States (comprising Burundi, DRC, and Rwanda), with the private and public parties holding 70% and 30% of the company’s share capital respectively. The CEPGL Organisation for Energie des Pays des Grands Lacs (EGL) acts as the agent for the three Contracting States and the power purchasers from each Contracting State (Offtakers) for the Project. EGL is a specialized CEGPL body responsible for energy cooperation among the Contracting States.


The Project equity for construction will be provided by capital that the public and private sector partners will contribute to REL. The Contracting States may use concessional loans and grants from multilateral organizations and agencies for part of the public sector equity. Development funds are provided by private sector investments with some of the public sector costs funded by grants from the European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW) the German development agency, and the French Development Agency (AFD).

Project debt will be raised by REL under 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 international financial institution including amongst others, African Development Bank (AfDB), European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW) the German development agency, the French Development Agency (AFD), and the World Bank.


1. Design:

a. Dam, Headrace and Hydropower facilies: Tractebel Engineering from France
b. Transmission Line: Studio Pietrangeli from Italy
c. Employer’s Facilities: Gasabo 3D from Rwanda
d. Road Development: Gasabo 3D from Rwanda

2. Site Investigations: Several international and regional companies have been engaged for site investigations, which have included borehole investigations, geophysics surveys, bathymetric and topographic surveys and sediment surveys

3. Environmental and Social Consultants:

     i) SOFRECO (2012),

     ii) SLR (2021)

4. EGL Engineer: Fichtner Consulting Engineers in association with ISL Ingénierie, and Nodalis Conseil

The engineer-procure-construct (EPC) contractor for the Project is expected to be selected in Q4 2022, following completion of the main EPC tender.

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.