IFC to provide US$55 million in funding for Mozambique’s first utility-scale PV project

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The 40.5MW PV project is being developed by Norwegian IPP Scatec Solar and Mozambique’s electricity utility Electricidade de Moçambique (EdM). Image: Bureau of Land Management

The International Finance Corporation, a member of the World Bank Group, announced Wednesday that it will provide a financial package of US$55 million to build Mozambique’s first utility-scale PV project.

The financing includes US$19 million from IFC’s own account, US$19 million from Climate Investment Funds and a syndicated loan of up to US$17 million.  

IFC’s financing will support the development of a 40.5MW PV project in Mocuba, Mozambique — which is being developed by Norwegian IPP Scatec Solar and Mozambique’s electricity utility Electricidade de Moçambique (EdM).

Funds are being mobilized from the Emerging Africa Infrastructure Fund, which provides debt products to private sector infrastructure projects in sub-saharan Africa.

Raymond Carlsen, CEO of Scatec Solar, said: “Scatec Solar is committed to harnessing Mozambique’s 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 IFC’s knowledge and support to ensure greater resilience for the country’s electricity sector.

Jumoke Jagun-Dokunmu, IFC Country Manager, added: “Our investment in Mozambique’s first utility scale solar power plant reaffirms IFC’s 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.”

Read Next

June 14, 2021
Mozambique-based coal operator Ncondezi Energy has announced a joint venture (JV) with South African-based NESA to target South Africa’s C&I solar and storage markets.
June 3, 2021
Oslo headquartered renewable power producer Scatec has announced a new partnership with ACME to develop a 900MW solar power plant in the state of Rajasthan, India.
February 3, 2021
Scatec said it underwent a “transformational” year in 2020, with its total renewables pipeline now standing at a record high of 10.5GW.
December 9, 2020
Norwegian energy firms Equinor and Scatec are to collaborate on a 480MW solar project in Brazil.
October 21, 2020
Scatec Solar has raised more than US$500 million in a private placement just days after it announced the US$1 billion acquisition of hydropower firm SN Power.
October 16, 2020
Scatec Solar has struck a US$1.1 billion deal to acquire leading hydropower developer SN Power, touting the potential for floating solar on hydro reservoirs.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK