$170m SA bank backing for 118 MW Moz IPP

8th July 2014

By: Creamer Media Reporter

  

Font size: - +

Banking group Standard Bank has confirmed the provision of $170-million in debt financing to support the construction of a 118 MW gas-fired power plant being developed by Gigawatt in Ressano Garcia, Mozambique.

Gigawatt, which is a Mozambican company, has signed a long-term power purchase agreement with State-owned power utility Electricidade de Moçambique (EDM).

EDM plans to use all the power generated domestically so as to lessen the country’s dependence on imports from South Africa.

Head of investment banking at Standard Bank Mozambique Ronaldo Toledo says the deal follows several other gas-related transactions, but is the first project-financed independent power producer initiative to reach financial close in Mozambique – the project reached financial close on June 20, 2014.

The Gigawatt plant would be constructed over an 18-month period by a joint venture comprising WBHO Construction and Parsons Brinkerhoff. Engines for the gas plant were to be supplied by Rolls Royce and would be operated by TSK.

To watch Creamer Media's latest video reports, click here
 

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION