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Rwanda

Symbion Power Lake Kivu Limited

$166 million
Power
Summary of Proposed Guarantee
Proposed

Project description

This summary covers an application by Symbion Power Mauritius Ltd. of Mauritius for its equity, shareholder loan, and/or quasi-equity investments in the Symbion Power Lake Kivu Ltd. methane capture and power plant project in Rwanda. The Investor seeks cover for up to USD 166 million against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract for a guarantee period of up to 15 years.

The project consists of the development, construction, operation, and maintenance of (a) four offshore barges for the capture and compression of methane, (b) an underwater pipeline, (c) an onshore gas plant, and (d) a 56 MW greenfield methane-fired power plant (the Project).  The Project is located on the Rwandan side of Lake Kivu in Rubavu District on a peninsula near Busoro, approximately 10 km south of Rubavu.  The deepest portions of Lake Kivu contain very large, and increasing, quantities of accumulated methane and carbon dioxide.  The Project will be an Independent Power Producer, generating an average of 428 GWh annually for sale to the state-owned Electricity Utility Corporation Ltd. (“EUCL”) under a 25-year Power Purchase Agreement. The electricity produced by the Project will be injected into the national grid and sold to Rwandan end-consumers by EUCL.  The payment obligations of EUCL will be guaranteed by the Government of Rwanda represented by the Ministry of Finance and Economic Planning.  Construction is expected to begin in June 2019 and full operations is expected in December 2021.

 

Environmental Categorization

The project is a category A under MIGA’s Policy on Environmental and Social Sustainability.  Click here to view the Environmental and Social Review Summary.

 

Development Impact

This baseload 56MW plant will increase Rwanda’s total installed capacity by utilizing a domestic energy source, helping to diversify the energy mix away from expensive diesel generation and reducing average generation costs. Improved electricity availability will contribute towards alleviating an important constraint to scaling up private investment. During construction, 500 unskilled jobs specifically geared to local communities are expected to be created and another 80 full-time positions are expected to be created during operation. Training will be provided to locally hired personnel. The Project is expected to give rise to positive externalities stemming from managing the risks to local communities of uncontrolled release of gases from Lake Kivu and from reducing biomass (firewood) usage and deforestation.