Access Infra Africa, an infrastructure development company owned by Dubai-based advisory boutique Access Consultants, has agreed to buy 70% of Rwanda Compost Limited (RCL), according to a statement from Access.
RCL has a 25-year concession to turn Kigali city's municipal waste into agricultural grade compost. RCL is owned by Mauritius investors and it was established to operate the first municipal solid waste to agricultural grade compost facility in Rwanda and East Africa.
In a statement, Nikesh Patel, the project initiator and founder of RCL, said:
"The interest and involvement of Access Infra Africa in this project validates my long held belief that Rwanda is a viable investment destination".
Access also plans to evaluate the possibility of setting up a waste-to-energy or biogas-fired generation plant. Access and RCL intend to seek non-recourse debt finance for the project.
Reda El Chaar, Managing Director of Access, said the acquisition of the 70 per cent stake had been agreed in light of their firm belief in the socio-economic feasibility of the project and in Rwanda as one of the most attractive investment destinations in sub-Saharan Africa.
The composting plant will be located on an eight hectare site next to the Nduba landfill site where Kigali waste is now dumped.
Dubai-based Access Consulting, was established last year by two former ACWA Power International professionals - Stephane Bontemps and Reda El Chaar.