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Government of Rwanda

Synergy acted as financial advisor to Government of Rwanda ("GoR") and was a part of the multidisciplinary team (consisting of legal, technical and financial experts) constituted by GoR to evaluate Lake Kivu Gas Extraction and Power Project. The project entails extraction of dissolved methane gas from the depths of Lake Kivu, which will be used to generate power. Israel Africa, the developer, proposed to build a power capacity of 3 MW in Phase I. 27 MW in Phase II and 22 MW in Phase III, along with the associated gas extraction plant. A 2 MW pilot plant is already built and operational while the construction has already begun for subsequent expansions.

This project has been a challenge right from the start due to its pioneering nature and its location in Africa. Synergy was involved actively in all aspects of project development including tariff setting and calculation, financial analysis of CG projections and equity return, analysis of project contracts including Power Purchase Agreement ("PPA") and Gas Concession Agreement ("GCA"), helping GoR negotiate clauses like termination payments, liquidated damages, performance guarantees, etc.

Synergy has worked closely with the legal and technical experts and has successfully finalized the project agreements. This project involves foreign investment of a few hundred Million US$, which is a huge boost for the Rwandan economy as this is the first time such a large investment is being made in Rwanda. The project will also take care of the power needs of the growing economy, reduce its dependence on costly oil fired generators, and make Rwanda a power surplus country with options of exporting power to the regional pool.
 
 
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