As stated on the project disclosure page, the proposed IFC investment consists of an equity bridge loan (EBL) for up to US$60 million with a tenor of up to 5 years to Globeleq Africa Holdings Limited (GAHL), the holding platform of Globeleq (GQ). 
The proceeds of IFC’s EBL will solely support the development of Namaacha, described below. This will be the country’s first wind IPP project. It consists of the development, financing, construction, operation, and maintenance of a 120MW Wind Energy Farm (WEF) located in Namaacha, 57km west of Maputo in Mozambique.

The Project will sell electricity under a 25-year Power Purchase Agreement (PPA) to EDM, the state-owned buyer and offtaker. EDM will export CEN’s output to the Southern African Power Pool (SAPP) until existing generation in Mozambique can no longer meet domestic demand (expected in 2031).
The Project will consist of 20 Wind Turbine Generators (WTG) each with a unit capacity of 6MW with a 120m hub height. CEN will evacuate power by way of the Transmission Connection Equipment (TCE) consisting of:
(i) a new 33.5km transmission line (T-Line) with two single circuit 66kV parallel overhead lines to be connected to the Boane substation;
(ii) a 27MVar STATCOM system for voltage stabilization in case of complete WEF tripping; and
(iii) an upgrade to the Boane substation’s 66kV busbar.

The TCE is considered a Project component and will be financed by the Project, but the Boane substation is considered an Associated Facility as per IFC Performance Standards (PSs).
Additional infrastructure will include underground medium voltage transmission cables (33kV) connecting the WTGs with the subordinate substation, a fiber-optic communications network to connect to a Supervisory Control and Data Acquisition (SCADA) system, onsite building infrastructure required for the daily operation of the Project including administrative buildings, a control room, a workshop, a storage warehouse, and a road network to assist the installation of the WTGs during construction and operations.
The two parallel 66 kV T-Lines (spaced 20m apart) will be installed on c. 169 monopole towers within a 70m corridor for the first 29km and then on a single line within a 50m corridor on an existing EDM servitude corridor. In the last 310 meters before reaching the Boane substation, the transmission line will be buried with underground cables, to avoid physical displacement of peri-urban dwellings.         

The Project is located on a greenfield site in Namaacha, approximately 57km west of Maputo in Mozambique, near the borders of South Africa and Eswatini.                          

As stated by the IFC, the Project’s total cost is estimated at US$267 million, out of which (a) US$230 million for the wind farm to be funded on a debt to equity split of 75:25 and (b) US$37 million for the TCE to be funded with grant and concessional debt funding. Globeleq intends to fund up to US$60 million of its equity contribution through an EBL to the Project. IFC’s proposed investment consists of an EBL on IFC’s own account of up to US$60 million for a tenor of up to 5 years to Globeleq’s holding platform (Globeleq African Holdings Limited).

As stated by the IFC, Globeleq, Source Energia, and EDM are expected to own 66.5%, 28.5%, and 5% of the Special Purpose Vehicle (SPV) Central Eléctrica da Namaacha (CEN), which was registered in May-2020.

Founded in 2002 and headquartered in the UK, Globeleq (GQ) is a leading power generation project developer focusing on Africa. GQ is owned 70 % by BII and 30% by Norfund, which are DFIs owned by the UK and Norwegian governments, respectively. GQ operates 1.8GW of power generation in Africa across different technologies (solar PV, wind, gas-HFO fired).

Founded in 2018, Source Energia is a small private energy developer focused on large and small scale on-grid and off-grid projects in Mozambique.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Globeleq Africa Limited:

Vincent Mulder - Business Development Director
Phone: +44 203 823 5522
Email: Vincent.Mulder@globeleq.com
Address: 6th Floor, 67 Lombard Street London, EC3V 9LJ, United Kingdom
Website: www.globeleq.com

Local Access to Project Documentation:

Electricidade de Moçambique
Address: E.P., Av. Zedaquias Manganhela n.267, Predio JAT IV- 4 Andar, Maputo, Moçambique  

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