EAIF and IFC to Invest US$55 Million in 40.5-megawatts Solar Farm (Sub-Saharan Africa)
Posted On: 14 Jun 2017 | Source(s): International Finance Corporation, Investec Asset Management | Date: 7 June 2017
The Emerging Africa Infrastructure Fund (EAIF), a joint public and private investment fund owned by the Private Infrastructure Development Group and managed by Investec Asset Management, and International Finance Corporation (IFC) have agreed to provide a US$55 million financing package to support the development of the 40.5-megawatt Mocuba solar photovoltaic plant in Mozambique. EAIF will provide a US$16.9 million B Loan, with a 16-plus year term, to Central Solar de Mocuba (CESOM), the private sector developer of the plant. IFC will provide US$19 million from its own account and US$19 million through the Climate Investment Funds. The plant, which is expected to be completed in mid-2018, will sell power to state-owned electric utility Electricidade de Moçambique as part of a 25-year power purchase agreement.