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Publish Date : 13-Jun-2017

The Washington-headquartered World Banks private sector lending arm International Finance Corporation (IFC) has extended a financial package worth $55 million to Mozambique to support the development of a utility-scale solar photovoltaic (PV) project in the coutry.

The IFC-backed project will be the first such project in the country.

The newly approved financial package comprises $19 million from the IFCs own account, $19 million from the Climate Investment Fund and a loan of as much as $17 million from the Emerging Africa Infrastructure Fund.

The Emerging Africa Infrastructure Fund facilitates debt products to support private sector infrastructure projects in sub-Saharan Africa.

The money will help in the establishment of a 40.5 megawatt (MW) solar PV project in the Mozambican city of Mocuba.

Once operational, the PV facility will be able to meet the power needs of 175,000 households in Mozambique.

The Norwegian IPP Scatec Solar and Electricidade de Moambique (EdM), the electricity utility of Mozambique, are involved in the development of the green energy project.

The project is being established with an investment of around $80 million.

The Mozambican utility, as part of a 25-year power purchase agreement (PPA), will procure the clean energy to be generated at the solar power facility.

The Scatec Solar CEO Raymond Carlsen stressed, Scatec Solar is committed to harnessing Mozambiques solar potential and infusing grid stability. This is especially important for a country that relies on a long distance power transmission system that is vulnerable to interruptions. We will leverage IFCs knowledge and support to ensure greater resilience for the countrys electricity sector.

The IFC Country Manager for Mozambique Jumoke Jagun-Dokunmu commented, Our investment in Mozambiques first utility scale solar power plant reaffirms IFCs commitment to renewable energy in emerging markets. There is limited access to electricity in Mozambique, particularly in rural areas. This investment will expand electricity supply in one of the least developed regions of the country while also supporting electricity infrastructure and promoting foreign direct investments at an important time.

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