US $99 million loan to Mozambique’s first wind power project

• 4 days ago (2024-07-11)
• David Flin

Africa 308 Wind 242

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The US International Development Finance Corporation (DFC) approved a $99 million loan to help finance Mozambique’s first utility-scale wind-power project.

DFC will also provide $80 million in political risk insurance to Globeleq Africa , which is developing the 120 MW project near Namaacha in the couth of the country. The project will require total funding of around $268 million.

Globeleq said that the wind power plant will reach financial close this year.

The developer, majority owned by British International Investment , the UK government’s development-finance arm, has a growing presence in Mozambique. It’s building a 450 MW gas-fired power plant in Inhambane province and has built two solar power plants with a combined capacity of 60 MW.