Mozambique Energy: Funding of Ressano Garcia power plant already concluded

Aggreko - The Gas Fired 175MW Ressano Garcia power plant in Mozambique.
Aggreko – The Gas Fired 175MW Ressano Garcia power plant in Mozambique.

Maputo – South African public oil company Sasol announced Thursday the completion of financing operations that allowed the construction of the Ressano Garcia natural gas power station in Mozambique, inaugurated in 2014.

“Sasol made available the interim loan to the project until the successful completion of the financing,” which happened earlier this year, the statement said.

“The Central Thermal Company of Ressano Garcia SA (CTRG), a joint venture between Sasol Energy and Electricidade de Moçambique (EDM), announces that on January 2, 2018, it reached a final financial agreement in the scope of its operation project financing in the amount of US $ 189 million,” reads the document.

The financing organized by Absa Bank includes loans from the International Finance Corporation (IFC, a member of the World Bank group), Proparco – Société de Promotion et de Participation pour la Coopération Economique and includes a cover loan for political risks also granted by Absa Bank.

The plant represents an investment of USD 250 million and is supplied with natural gas operated by Sasol in Pande and Temane in the province of Inhambane.

The gas is transported by a pipeline of 865 kilometers to the border of South Africa, where it feeds 18 gas turbines with a production capacity of 175 megawatts of electricity destined mainly to the south region of Mozambique.

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