1. About Ecofleet Solutions Ltd.

Ecofleet Solutions Ltd is a government-owned company mandated to transform and modernize public transport service delivery in the City of Kigali. Its mission is to enhance efficiency, reliability, and accessibility of the transport system through data-driven planning, route optimization, fleet management, and close coordination with stakeholders. By setting and enforcing service standards, Ecofleet ensures that Kigali’s growing population has access to safe, reliable, and commuter-friendly transport services.

The company plays a strategic role in managing the city’s bus fleet, including planning renewals to maintain a modern and efficient system, while embracing green mobility solutions such as electric buses to align with Rwanda’s climate goals. Technology underpins Ecofleet’s operations through intelligent transport systems (ITS), GPS tracking, digital performance dashboards, and automated inspections that improve transparency and responsiveness. In addition, Ecofleet oversees shared transport infrastructure—depots, terminals, and bus stops—and manages a unified digital fare collection system that promotes cashless payments, standardizes fares, and ensures accountability. Together, these efforts position Ecofleet as a central driver of Kigali’s sustainable, smart, and integrated public transport future.

 2. Objectives Terms of References

The objective of these ToR is to select a qualified and experienced Valuation Consultant firm who will provide uninterrupted, high-quality valuation Services to Ecofleet Solutions Ltd, ensuring operational efficiency and cost-effectiveness.

3. Required Terms of References 

4) TERMS OF REFERENCE FOR PROVISION OF VALUATION SERVICES FOR ECOFLEET SOLUTIONS LTD BUSES (MANUFACTURED IN 2023).

Ecofleet Solutions Ltd is seeking an independent and professional valuator to value their 190 buses, to support financial reporting, asset management, insurance coverage, and future investment decisions.

I. Objectives of the Assignment

The overall objective is to conduct an accurate, transparent, and independent valuation of Ecofleet Solutions Ltd’s 190 buses. Specifically, the valuation will:

• Establish the fair market value of each bus.
• Determine the depreciated replacement cost and residual value.
• Provide information for accounting, audit, insurance, and strategic decision-making.
• Ensure compliance with International Financial Reporting Standards (IFRS) and relevant local valuation standards.

II. Scope of Work

The assignment will cover the following:

1. Verification of bus details including model, chassis number, engine number, year of manufacture (2023), mileage, and overall condition.
2. Physical inspection of each bus to assess wear, tear, and maintenance status.
3. Preparation of a comprehensive valuation report for each bus and a consolidated fleet valuation report.
4. Recommendations on value preservation and asset management.

III. Key Deliverables

The Consultant/Service Provider is expected to deliver:

1. Inception Report, detailing understanding of the assignment, proposed methodology, and valuation approach.
2. Valuation Report(s), incorporating Ecofleet’s feedback and submitted both in hard copy and electronic format.
3. Summary Report, providing overall fleet value, key findings, and recommendations.

IV. Duration of Assignment

The valuation exercise is expected to be completed within (specify timeline, not more than, 20 working days) from the date of contract signing.

V. Expertise Required

The service provider should demonstrate:

1. Valid license/registration with relevant professional valuation body.
2. Proven experience in motor vehicle/bus valuation.
3. Qualified team of certified Valuers with knowledge of IFRS and local valuation standards.
4. Previous assignments with corporate clients (experience with transport companies is an added advantage).

VI. Reporting and Supervision

The Consultant/Service Provider will report to the Chief Finance Officer (CFO) of Ecofleet Solutions Ltd.

VII. Evaluation Criteria

Proposals will be evaluated based on:

• Technical expertise and experience (40%).
• Methodology and work plan (20%).
• Qualifications of key personnel (15%).
• Financial proposal (25%).

VIII. Submission of Proposals

Interested service providers are invited to submit:

• Technical proposal outlining understanding, methodology, and team composition.
• Financial proposal with detailed breakdown of costs.
• Company profile, registration certificates, and relevant references.

How to Apply

Interested, qualified, and competent suppliers are requested to submit their technical and financial proposals by 5:00 PM CAT on September 15, 2025, to the email address info@ecofleet.rw