Financial Closure For Mozambique PV Plant

• Globeleq has announced financial closure for Mozambique's 19 MW solar project to be accompanied by a 2 MW/7 MWh energy storage
• It is the country's 1^st IPP to integrate a utility scale energy storage system
• Financing has been provided by EAIF, PIDG and CDC Plus while Grupo TSK is the EPC service provider

A 19 MW DC/15 MW AC solar PV plant with 2 MW/7 MWh energy storage capacity in Mozambique, being developed as the country's 1^st independent power producer (IPP) to integrate a utility scale energy storage system, has achieved financial closure.

Globeleq is developing the facility in Cuamba district of Niassa province of the country with $36 million investment. Cuamba Solar Plant will come online in H2/2022 and generate enough clean power to suffice the requirements of 21,800 consumers. A battery energy storage system is being supplied by Gransolar Group's E22.

The facility is contracted to supply solar power generated to national utility Electricidade de Moçambique (EDM) for 25 years.

Globeleq has raised $19 million as debt funding from the Emerging Africa Infrastructure Fund (EAIF), with Private Infrastructure Development Group (PIDG) providing $7 million as grant facility for EDM to enable an affordable tariff, fund essential grid upgrades and an energy storage system.

Another $1 million grant for the battery energy storage system has come from CDC Plus, a technical assistance facility of CDC Group. CDC Director, CDC Plus Sarah Marchand termed it as one of Sub-Saharan Africa's 1^st grid-scale battery energy storage systems.

With financial closure accomplished, project's EPC team Grupo TSK will immediately commence construction work on site. Globeleq is working on the project with its partners Source Energia.

Globeleq is also building a 100 MW AC solar power plant in another African nation of Democratic Republic of Congo with the International Finance Corporation (IFC) backing it (see 100 MW AC Solar Project Planned For DRC).