Solar plant to mark 22nd renewable energy project for EAIF

Mozambique solar plant ground-breaking event will mark 22nd renewable energy project for EAIF

There will be a ground-breaking event on the 14th of June to mark the commencement of the construction process of Mozambique’s new 15MW solar electricity plant, which will be situated in the Tetereane District of Cuamba. The nation’s Minister of Mineral Resources and Energy, Dr. Ernesto Max Tonela, will be the special guest of honour

The process of raising funds is set to close soon as Private Infrastructure Development Group (PIDG) company, the Emerging Africa Infrastructure Fund (EAIF), will be announcing a US$19 million loan to be applied to the said project.

EAIF has shown its commitment in the past by backing up 21 other renewable energy projects. This new plant marks a remarkable addition to that number, while also standing out as the first to have utility-scale battery storage.

This plant is owned and managed by Central Electrica de Tetereane SA (CET). CET’s foremost shareholder, Globeleq, is a UK-based firm that specializes in investing in the power sector in Africa.

Although CET’s sole lender is EAIF, the company has also been awarded series of grants and funds, including a US$7 million Viability Gap Funding grant by PIDG TA and another from CDC, one of Globeleq’s key investors.