Last week, the east African country hosted the Rwanda-Norway Energy Forum, from which a delegation of representatives from 10 companies demonstrated interest to invest in the sector, the New Times reported.
Media cited the Rwanda Energy group (REG) stating that the sector displays opportunities as only 35% of the country’s households are currently connected to electricity while the target is to connect about 70% by 2018, and 100% by 2024.
Speaking to The New Times at the forum in Kigali, Gulbrand Wangen, the regional director at Norwegian Energy Partners in Africa, Brazil, India and Midstream, said “the firms are here to explore investment possibilities in Rwanda.”
NORWEP consists of over 260 member companies in the entire energy value chain, media stated.
Wangen said the companies are considering renewables including solar and hydropower energy segments. Read more…
He noted there are 10 more qualified firms with relevant experience in off-grid systems in Africa.
According to media, Wangen said the country has a regulatory system and a business environment that is in compliance with ethical standards for doing business, citing transparency, openness and professional contract arrangements.
“We are here to find local firms that have the logistics that we can partner with, and to know which projects are in the pipeline that relevant Norwegian firms can work with,” he said.
The services offered by the companies include engineering, procurement, contracting and financing in renewable energy.
Speaking about the need for more investors in off-grid energy, EDCL’s director of primary and social energies development Morris Kayitare, said there are only 24 firms in the trade, of which only four are major.
“Our expectation is that investment in the sector will grow, and our target of at least 22 % should be met by 2018,” Kayitare said.
Explaining the facilitation to investors in energy sector, he said government has a risk mitigation facility, and that Germany International Development Agency provides up to 75% refund for the investment made by an entity, under a results-based financing model.
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