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SAWA Energy Rwanda B.V. II

Netherlands
Fixed income
Sustainability
Renewable Energy
International

Solar energy in Rwanda
Marketing content

Why invest in SAWA Energy Rwanda

SAWA Energy Rwanda finances solar panel installations (PV's) on the roofs of creditworthy SME's in Rwanda. The projects have solid and predictable cashflows based on strong contracts. These contracts extend well beyond the envisaged bond loan duration.

Rwanda is well suited to building a portfolio of solar power and battery storage projects. This is due both to the high, gradually distributed solar radiation over the year and the rapidly increasing demand for stable electricity.

This is the second tranche of financing for Sawa Energy Rwanda. In April 2022, Sawa Energy Rwanda, the new name of E3 Africa Finance B.V. successfully raised € 362.500 on Invesdor (prior Oneplanetcrowd). With this campaign and equity investments, Sawa Energy Rwanda B.V. currently has 20 projects realized and operational, with a total generating capacity of 816 kWp, all of which are performing well.

This bond loan is a senior, non-subordinated and secured instrument. Investors have a first pledge on the shares and receivables of Sawa Energy Rwanda B.V.

Jordan Zipkin - Board Member SAWA Energy BV

"SAWA is the most active solar developer across Rwanda and Uganda. We have already raised three capital campaigns with Invesdor (prior Oneplanetcrowd). Our operational portfolio consist of 2,05 MW of generation and 0,61 MWh battery storage capacity across 27 projects in Rwanda and Uganda. Moreover we have built 4 systems for clients. We have consistently met all debt payments according to schedule. We are excited to bring this new campaign to the crowd! This tranche will finance energy solutions across Rwanda, including systems for several schools and hospitals. We invite you to participate and join us on our journey to catalyze renewable energy across East Africa."

Jordan Zipkin, Board member SAWA

Investment information

Type:
Bond
Subordinated:
no
Invested so far:
€699,750.00
Price per bond:
€250.00
Min offer:
1 Unit
Interest:
quarterly
Repayment:
quarterly
Offered in:
NL, DE, AT
Broker:
Oneplanetcrowd International B.V
License:
ECSPR

Overview

Investors can invest in SAWA Energy Rwanda B.V. by providing a senior bond loan with securities, a duration of 5 years and an annual interest rate of 6,2%. Interest and redemption payments start on 1 Janaury 2025 and will take place quarterly. On the maturity date of the loan, a bullet repayment of 49,7% of the invested amount will take place. Please refer to the KIIS for more detailed information.

Project presentation

Inconsistent, Unstable Power Supply in Rwanda

Power outages and interruptions are frequent in Rwanda, Africa. It is not always possible to connect to the grid and if it is, the grid can be unstable. Furthermore, many companies are still dependent on expensive and polluting diesel generators.

At the same time, Rwanda is very well suited to building solar power projects. This is due both to the high, gradually distributed solar radiation over the year and the rapidly increasing demand for stable electricity and renewable electricity due to high prices. 

Solar Power Stabilizes Business Energy

SAWA Energy Rwanda B.V. finances solar energy projects in Rwanda. Through its subsidiary, Good Energy Investments Ltd., SAWA supplies renewable solar energy to Rwandan small and medium-sized enterprises. Good Energy Investments Ltd. installs PV installations on the roofs of its customers and assists them in reducing their energy bills (normally up to 25%), by offering a discount on the electricity rate they would pay if they purchased electricity from the grid. Additionally, the PV installations provide stability in the energy supply by absorbing frequent power outages and interruptions. This reduces financial losses and waste by ensuring the continuity of production processes. Upon a customer's request, the installations can be supplied with a battery so that (emergency) power can be provided above the capacity of the PV installation (to replace more expensive and polluting diesel generators). This includes a discount compared to the costs of the diesel generator or a fixed rental. Typical clients are small and medium-sized enterprises with a strong credit rating that primarily utilize electricity during the day.   

Portfolio Expansion Due to High Demand

With the funding received in this round, SAWA Energy Rwanda will be able to execute several new projects and thereby expand their portfolio. The projects are primarily located in Kigali, the capital of Rwanda. There are some sites in each of the surrounding provinces which are all accessible from Kigali within a 5 hour drive. The upcounty sites present switch centers for large telecompanies and private district hospitals.

Portfolio Status

Projektstatus

Status 

The portfolio consists of projects in operation, under construction and in development.  

Stromproduktion

Energy production:

 2,638 MWh (first and second campaign combined) 

Comparable to about 885 Western European households or about 14,900 Rwandan households (first and second campaign combined) 

Experienced shareholders & strong partnerships

SAWA Energy is active in both Rwanda and Uganda, and has its headquarters in Kigali, the capital and commercial centre of Rwanda. The SAWA team has more than 15 years of experience in developing solar power systems. It has been active in the Rwandan PV market since 2019. SAWA has established a strategic partnership with East African Power, a leading Rwandan renewable energy engineering company that has been operating since 2012.  

Experienced shareholders

Established to finance PV projects in Africa, SAWA Energy Rwanda B.V. is an initiative of e3 Partners. e3 Partners is an independent fund manager specialising in financing projects and companies in the field of energy transition and circular economy.

Established premium manufacturer

Canadian Solar is a manufacturer of solar modules which, over the past 20 years, has successfully supplied more than 100 GW of high-quality photovoltaic modules to customers around the world. The manufacturer's warranty on the panels is 25 years. The warranty period is longer than the expected term of the bond loan.

Customer with strong creditworthiness

SAWA Energy Rwanda focuses on PV installations and battery storage systems for SMEs with a good credit history. The plants are sized to suit the companies so that all the electricity generated is used by the customers themselves.

Sustainability

The Sustainable Development Goals (SDGs or 'Global Goals') are part of the UN 2030 Agenda for Sustainable Development and constitute the international framework for sustainable development until 2030. These SDGs are intended to put an end to poverty, inequality, and climate change.

Through their PV installation projects, SAWA Energy Rwanda makes meaningful contributions to SDG 1, SDG 7 and SDG 13.

Sustainability

End all forms of poverty everywhere by 2030.

Good Energy Investments Ltd. contributes to the economic development of Rwanda and in the future of the region through providing cheap and sustainably generated electricity. Affordable energy is essential for lifting people out of poverty. The installation of a PV system requires about 10-15 local workers who spend approximately 2-3 weeks per system.  

Sustainability

Access to affordable and sustainable energy for all

By generating green energy, Good Energy Investments Ltd. increases the availability and affordability of renewable energy for local households. 

Impact: the expected electricity generation related to the first and second campaign is 2,638 MWh per year, equivalent to the power supply of about 885 Dutch households or approximately 14,900 Rwandan households. 

Sustainability

Taking urgent action to address climate change and its impacts

Good Energy Investments Ltd. demonstrates that even in the Rwandan context, sustainability is not only beneficial for the environment but also saves money. This is further emphasized at some clients through publicly visible dashboards reporting carbon savings. 

Developments since the last funding round

In April 2022, Sawa Energy Rwanda, the new name of E3 Africa Finance B.V. successfully raised € 362.500 on Invesdor (prior Oneplanetcrowd). With this campaign and equity investments, Sawa Energy Rwanda B.V. currently has 20 projects realized and operational, with a total generating capacity of 816 kWp, all of which are performing well.

Use of funds

Photovoltaik

The financing requirement consists of purchasing stock, funding the construction and installation of new PV plants and battery systems. The total funding requirement is € 1,609,370 including € 1,062,500 from Invesdor (OPC) of which €362,500 was provided during the first campaign and the model assumes a second tranche of € 700,000. The remainder is primarily provided by the shareholders. (For more information, see "Company Structure" in the Information Memorandum). Costs related to equity and debt funding, and other start-up costs, are covered by deferring the payment of part of the development costs. Additional PV installations in the future may necessitate follow-up (bond) loans, maintaining a minimum debt-equity ratio of 30:70 and a DSCR of at least 1.30. 

The installations will be supplied under standard EPC (contractor) contracts by EAP. These will be installed turn-key, including connections, labour and any other costs. A fixed price per installation is determined in advance to ensure Good Energy Investments Ltd. achieves its target return. Before signing a contract, these prices are clear and fixed. Only for part of the total installation costs (<5%) does SAWA run a limited risk of cost overruns during construction, because these prices are not fully fixed. 

3 benefits for investors

Icon Gemeinsam

You get access to financing projects in the renewable energy sector, which are otherwise only available to banks.

Icon Finanzierung

You do good and benefit from the energy transition.

Icon Ausgereifter Prozess

You benefit from fixed interest income over a long period of time.

Company Structure

Financial figures & growth

Actual and planned figures

Get an insight into SAWA Energy's financial figures, such as turnover and earnings development. Learn more about the growth forecast.

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Documents

Investment related documents

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Updates

Update 19-04-2024

News from SAWA Energy Rwanda B.V.

Eder Munyampenda, country manager for SAWA Energy in Rwanda, gives an update on the company, customer feedback and new projects:


Multiplast

By the end of 2023, SAWA Energy Rwanda completed a 60 kWp solar panel system on the roof of this company just outside Kigali. This system provides the client with solar energy and energy efficiency solutions.