Despite the efforts made by Government of Rwanda in partnership with private sector in implementing hydropower projects to reach on Rwanda electrification vision, these projects are still facing the challenges like pre-feasibility study of the construction of hydropower projects, unproper monitoring and evaluation of the projects, the project financing issue, and big plants from other sources are required to dilute the generation cost. The study analyzed the effect of the delay in payment due to a contractor on hydropower projects completion in Rwanda; to identify effect of poorer cash flow management on hydropower projects completion in Rwanda; and to find out the effect of shortage of financial resources on hydropower projects completion in Rwanda.  Methodology of this study based on a descriptive survey design was used in this study, where data describing the prevailing situation was obtained from across collected data of the respondents. The study is targeting 20 employees worked with hydropower. Data collection instruments were questionnaire, while method of data analysis was correlation coefficient matrix, and multiple linear regression analysis.  The findings revealed that the level of significance was 0.000(b) this implies that the regression model is significant in predicting the relationship between project financing related delays factors (i.e.: lack of financial resources, delay in payment, poor in cash flow management) and delays of Hydropower Project completion in Rwanda. The findings showed level of fitness model of 17.924 which is positive with p-value of 0.000b less than both standard significance levels of 0.05 and 0.01. 

Key Words: project financing, delays, hydropower, projects completion