Mozambique-based Central Térmica de Ressano Garcia (CTRG), a joint venture between Sasol Energy and Electricidade de Moçambique (EDM) has reached financial close on a $189-million project finance transaction with its lenders.
CTRG, in which EDM holds a 51% stake and Sasol Energy the balance, operates a 175 MW gas-fired independent power producer plant, comprising 18 Wartsila gas engines.
Sasol provided the bridge funding to the project up to the successful conclusion of the project finance.
The project finance, arranged by Absa Bank, comprises A and B loans from the International Finance Corporation, a direct loan from Société de Promotion et de Participation pour la Coopération Economique and a political risk covered loan from Absa.