We are the first private company to establish a peat power plant in Africa and to produce peat at that scale. The company is owned by a Turkish investor, HAKAN AS, and  an international power company, Quantum Power, with a participation of a project development company Themis. As importantly the company can count on the support of the lead arranging bank, Africa Finance Corporation.




Hakan KarasoyHakan KARASOY

Board Member/Chief Executive Officer

Mr. Karasoy is a holder of a Bachelor’s Degree in Business Administration and a Master’s Degree in Energy Management. He has been working with HQ Power Project since 2011.

He is a Director of HQ Power Rwanda and a member of the Steering Committee.



marcMarc MANDABA

Board Observer

Mr. Marc has 12 years of experience in private infrastructure development, Power and Transport, as an engineer and financier. In 2013, he founded and led the business growth of Themis. Prior to that he spent 5 years at the African Development Bank in the Infrastructure and PPP financing division and worked on 15 transactions, of which 5 reached financial close. Previously, he worked as an engineer and then as a financier in Bouygues Group, a French EPC leader, where he worked in emerging markets (including Africa and Asia) and France.  He holds a Master Degree in Management with a concentration in Finance from EDHEC Business School, France, and a Master Degree in Mechanical Engineering from Université de Bretagne Sud, France. In 2014, he was decorated as a Commander, National Order of Merit and Legion d’Honneur of the Republic of Cote d’Ivoire. He is a citizen of the Central African Republic and France.

He is a director of HQ Power Rwanda and a member of the Steering Committee.



Board Member/Administrative Manager & Advisor to CEO

Mr. Gaspard  is a holder of a Master’s Degree in Sustainable Energy Systems and has an experience of 12 years of which 8 years are in the Energy sector.



Hakan KarasoyHakan KARASOY

Board Member/Chief Executive Officer

Mr. Karasoy is a holder of a Bachelor’s     Degree in Business Administration and a Master’s Degree in Energy Management. He has been working with HQ Power Project since 2011. He is a Director of HQ Power Rwanda and a member of the Steering Committee.






Administrative Manager & Advisor to the CEO

Mr. Gaspard is a holder of a Master’s Degree in Sustainable Energy Systems and has an experience of 12 years of which 8 years are in the Energy sector.







Supply Chain Manager

Mr. William has Bachelor’s Degree in finance at University of Kigali. He has 14 years of varied experience in Freight Forwarding/Express Courier and Customer Care. He has a great range of experience in Project Management & Logistics.





Steven EmmersonSteven EMMERSON

Electrical Construction Manager

Steven is an accomplished industrial electrical and mechanical engineering manager with over 25 years’ experience gained in energy power solutions, industrial plants and plant equipment worldwide for Power, Oil & Gas, Mining, Utility and Transportation Companies, A well respected manager with professional experience in supervisory & management to lead, motivate & build cohesive teams to achieve high level results and professional experience in all aspects of electrical mechanical installation, plant commissioning, project management for (PPA) power purchase agreements and (EPC) engineering, procurement, construction projects for plant improvements, availability, performance and reliability, managing conventional and non-conventional power plants and plant fleets of over 1,500Mw.


Chief Operations Officer

Mr. Dov holds Bachelor’s Degree in Political science and a Master’s Degree in Public Administration from Tel Aviv University. He has a great range of experience in Development Projects and Organizations in Israel.








Chief Financial Officer

Mr. Gilbert is a Fellow of the ACCA and he is a CFA Candidate. He has 15 years of varied experience in Finance, Audit and Tax.






Environmental, Social & Governance Manager

Rita holds a bachelor’s degree in chemical and Process Engineering and a diploma in Marketing Management. She is a Master of Science in Occupational health and Safety candidate. She has over 20 years global experience in process safety and design as well as occupational health, Safety and environmental management in various sectors including oil and gas and telecommunications.



Established in Istanbul, Turkey in 1983, Hakan is a leading importer of Russian high quality coal. After the year 2005, Hakan started to diversify its activity in the energy sector. The group obtained in 2010 an electricity generator licence for a coal-fired power plant in Turkey. An affiliate company within the group exists in serving in the installation, engineering and project development of solar energy projects in Turkey. In its growth path Hakan has looked beyond the current region of operations and entered into a Concession Agreement with the Government of Rwanda to harvest peat from the land and develop and operate a 100 MW peat-fired power plant under a 30 years Agreement



Quantum Power is an investment platform focusing on power, energy, natural resources and related infrastructure in sub-Saharan Africa.  They invest directly and actively in African assets and companies, capitalising on the continent’s substantial economic growth and infrastructure requirements.  Their primarily focus is on power projects, investing at any point in the capital structure and at any stage of a project’s life, from development to operation.  Its investment team consists of industry veterans with decades of operational and commercial experience around the world, together with local management teams based in five African countries.  Quantum Powerapplies this unique combination of African and global industry expertise to active long-term investment in an African industrial conglomerate of scale.


THEMIS is a Project development company, whose main objective is the structuring and financing of economic (power and transport) and industrial (heavy industries) infrastructure assets. THEMIS operates in Africa, with a specific focus on transitioning countries in the Sub Saharan Africa region. By uncovering opportunities in frontier markets, employing a locally-minded approach, and acting through a team of regionally-proven and trusted professionals, our objective is to maximize investor returns.



AFC is acting as mandated lead arranger for the senior debt and will mobilize circa $ 200, 000, 000 of senior debt. AFC is an international organization established by treaty between sovereign states. Current member nations are Nigeria, Guinea-Bissau, Sierra Leone, The Gambia, Liberia and Guinea. AFC’s mission is to help address Africa’s infrastructure development needs while seeking a competitive return on capital for its shareholders. Since it began operations in 2007, AFC has raised US$1.1 billion in fully paid-in equity capital. Its shareholding base is private sector majority owned (57.5 percent). AFC is driven by a diverse team of experienced professionals from investment banking, engineering and other backgrounds. Capitalized with US$1.1 billion, AFC operates a dollar denominated balance sheet, and essentially provides financing in this currency.


Finnish Fund for Industrial Cooperation Ltd

Finnish Fund for Industrial Cooperation Ltd. (“Finnfund”) is also acting as mandated lead arranger for the mezzanine debt. Finnfund is a Finnish development finance company that provides long-term risk capital for private projects in developing countries. Apart from co-investing with Finnish companies, Finnfund can finance ventures that use Finnish technology, cooperate with Finnish partners on a long-term basis or generate major environmental or social benefits. Finnfund shares risks by providing long-term financing for promising projects in challenging markets, where commercial financing is hard to obtain. Finnfund’s funding can be in the form of equity capital, mezzanine financing or long-term investment loans. Finnfund is owned by the State of Finland (93.4%), Finnvera (6.5%) and the Confederation of Finnish Industries (0.1%).


Export-Import Bank of India

Established by the Government of India in 1982, the Export-Import Bank of India (“EXIM Bank”) serves as a growth engine for industries and SMEs through a wide range of products and services. This includes import of technology and export product development, export production, export marketing, pre-shipment and post-shipment and overseas investment. In a rapidly shifting financial landscape, Exim Bank is a catalyst and key player in the promotion of cross border trade and investment. By instilling a powerful culture of innovation and foresight, EXIM Bank helps India maximize its potential and meet and exceed its vision.


The Eastern and Southern African Trade and Development Bank

The Eastern and Southern African Trade and Development Bank (“PTA Bank”) is an African regional development financial institution established in 1985. PTA Bank offers a broad range of products and services, across both the private and public sectors, including debt, equity and quasi-equity as well as guarantees. PTA Bank’s investments cut across agriculture, trade, industry, infrastructure, energy and tourism, among others and are made on a commercial basis and sustainability principles.

Headquartered in Bujumbura (Burundi) with regional hubs in Nairobi (Kenya), Harare (Zimbabwe) and Ebene (Mauritius), PTA Bank’s current shareholders include: Burundi, Comoros, the Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Uganda, Zambia and Zimbabwe. It also has the African Development Bank, the National Pensions Fund of Mauritius, Mauritian Eagle Insurance Company Ltd, and Rwanda Social Security Board, Africa Re, ZEP RE and Banco Nacional Investimento (BNI) as institutional shareholders while the People’s Republic of China and the Republic of Belarus are non-regional member countries.


The Development Bank of Rwanda

The Development Bank of Rwanda (“BRD”) began its operations in 1967 and for more than four decades, BRD has been the sole provider of long term finance and has significantly facilitated the emergence of different productive enterprises in the private sector. The shareholders of the bank are the Government of Rwanda, Rwanda Public Enterprises, Private Institutions in Rwanda, Agence française de développement, German Investment Cooperation, Netherlands Development Finance Company, Administration Générale de la Coopération au Développement of Belgium and the Bank of Tokyo.


The African Export Import Bank

The African Export Import Bank (“Afreximbank”) was established in 1993 by African Governments, African private and institutional investors as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade. The Bank was established under the twin constitutive instruments of an Agreement signed by member States and multilateral organizations, and which confers on the Bank the status of an international multilateral organization; as well as a Charter, governing its corporate structure and operations, signed by all Shareholders. The Bank is headquartered in Cairo and has branch offices in Harare, Abuja, Abidjan and Nairobi.