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Rwanda’s National Strategy for Climate Change and Low-Carbon Development facilitates mainstreaming climate change into national policy and planning in all sectors to help it reach its vision of a developed, low-carbon, climate-resilient economy by 2050. Through two case studies, this paper looks at how Rwanda is using different financing channels and intermediaries to support the dual aims of delivering electricity or energy needs to poor communities and moving towards a low-carbon future. We use a political economy analysis to we examine the vertical chain of actors and delivery mechanisms and explore how incentives might be aligned to deliver effective low-carbon resilient development.