Page 11 - AfrElec Week 02 2022

AfrElec THERMAL POWER AfrElec

Globeleq-led consortium

reaches financial close on

$652.3mn gas-fired CTT project

MOZAMBIQUE LEADING Africa independent power com- complementary power so that Mozambique can
pany Globeleq and its partners, Electricidade de maximise renewable energy generation projects
Moçambique (EDM) and Sasol, have announced on its grid and pursue lower-carbon energy
the financial close of the Central Termica de development.
Temane power project (CTT), a 450-MW gas- Debt financing of the $652.3mn project is
fired power plant that will supply power to EDM being provided by the IFC, together with its “B”
under a 25-year tolling agreement. loan participants FMO and Emerging Africa
CTT is expected to provide electricity to meet Infrastructure Fund (together $253.5mn), US
the demand of 1.5mn households and will con- International Development Finance Corpora-
tribute about 14% of the electricity supply capac- tion (DFC) (approximately $191.5mn) and the
ity available to meet demand in Mozambique. OPEC Fund for International Development
The project will support the country’s longer- (OPEC Fund) ($50mn).
term sustainable energy transition to net-zero “This pioneering project has the potential to
by 2050. deliver significant economic and social benefits
“Globeleq is committed to supporting the by helping meet Mozambique’s growing demand
government’s aim of achieving universal elec- for power, support the country’s economic
tricity access by 2030 and positively impacting recovery and the region’s energy transition,” said
the regional energy landscape,” company chief Linda Munyengeterwa, IFC’s regional industry
executive Mike Scholey said. director for Infrastructure, Middle East & Africa.
“The Government of Mozambique, through “This is our third power investment in
EDM, is a strategic partner for Globeleq as we Mozambique, and we remain committed to
grow to develop other projects in renewables, supporting the sustainable development of the
such as the Cuamba solar and battery project and country’s electricity sector.”
other wind and solar developments underway.” The Multilateral Investment Guarantee
CTT’s flexible technical and commercial con- Agency (MIGA) has provided up to $251.3mn
figuration allows for a variable supply of base- in political risk insurance to the private sector
load and dispatchable power and will deliver equity investors.™

Week 02 13•January•2022 www. NEWSBASE .com P11