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Tuesday, September 6, 2022

Mozambique – African Development Bank to Serve As Advisor for Development of 1500 Mw Mphanda Nkuwa Hydropower Project

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The African Growth Financial institution has signed an settlement with Gabinete de Implementação do Projecto Hidroeléctrico de Mphanda Nkuwa, an implementing entity, to supply advisory companies for the event of the $4.5 billion 1,500 MW Mphanda Nkuwa Hydro Energy Venture in Mozambique.

The settlement was signed Tuesday on the side-lines of the Financial institution’s Annual Conferences, that are happening in Accra from 23-27 Might.

The settlement was signed by Mr Carlos Yum, Director of Gabinete de Implementação do Projecto Hidroeléctrico de Mphanda Nkuwa and Dr. Kevin Kariuki, African Growth Financial institution Vice President for Energy, Power Local weather and Inexperienced Progress.

President Filipe Nyusi of Mozambique and African Growth Financial institution President Dr. Akinwumi Adesina witnessed the signing. Gabinete de Implementação do Projecto Hidroeléctrico de Mphanda Nkuwa is a part of the Mozambique authorities’s Ministry of Pure Assets and Power.

The undertaking entails growth of a hydropower plant to be positioned on the Zambezi River within the Marara District of the nation’s Tete Province. The plant can be 60 km downstream from Cahora Bassa dam and 70 km upstream from Tete metropolis. A transmission system comprising 1,300 km of 550kV excessive voltage DC transmission line between Cataxia and Maputo can even be constructed. The Mphanda Nkuwa undertaking is predicted to succeed in monetary shut by end-2024; commissioning is anticipated in 2031.

“The partnership with African Growth Financial institution additional strengthens the capability of our implementing company to develop the Mphanda Nkuwa undertaking. The African Growth Financial institution will be sure that world class environmental, social and governance and related requirements are adhered to in the course of the growth, and that the undertaking is enticing to respected builders, financiers and traders to make sure aggressive and least-cost energy for Mozambique and the area,” mentioned Mr. Yum.

The settlement consolidates the Financial institution’s position as Africa’s premier growth finance establishment, and as a trusted accomplice and supplier of advisory companies and help within the growth of transformative initiatives.

Continued growth of Mozambique’s technology capability is required to satisfy rising home demand and drive financial and social growth. As well as, the southern Africa area gives market alternatives that Mozambique is effectively positioned to satisfy as a provider of competitively produced power. Mphanda Nkuwa is projected to have one of many lowest electrical energy manufacturing prices within the area.

“The undertaking reinforces our efforts to fight local weather change in a area that’s desperately wanting energy however equally in want of transformation and a simply power transition. It’s also an awesome privilege to guide the Financial institution’s crew that can be executing this advisory mandate. We’re honoured to be chosen by Mozambique to accomplice on this necessary undertaking,” mentioned Dr. Kariuki.

The undertaking builds on earlier success in attracting non-public funding into the nation, together with a number of impartial energy producers (IPPs). These embrace the 175 MW Central Térmica de Ressano Garcia, the 120 MW Central Térmica de Gigawatt, the 40 MW Mocuba photo voltaic plant, the 40 MW Metoro photo voltaic plant and, most not too long ago, the 450 MW Temane Energy Venture.

Mphanda Nkuwa undertaking is included in Mozambique’s Nationwide Power Sector Grasp Plan 2018-2043 as a nationwide precedence, in addition to a precedence funding for the Southern Africa Energy Pool Plan. The undertaking enhances non-public sector competitiveness by infrastructure growth and regional power buying and selling. It’s also aligned with the Financial institution’s 10-12 months Technique, in addition to the “Gentle Up and Energy Africa Excessive-5 strategic precedence.

Contact:

Olufemi Terry, Communication and Exterior Relations Division, e-mail: [email protected]

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