Globeleq Mozambique Solar Projects - Central Solar de Mocuba (MIGA-15265)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Mozambique
Geographic location where the impacts of the investment may be experienced.
Specific Location
Mocuba, Zambezia Province in Centre-Northern Mozambique
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 25, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Globeleq Africa Limited (GAL); Central Solar de Mocuba, S.A. (CESOM)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 11.02 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ MIGA website

Updated in EWS Jan 7, 2025

Disclosed by Bank Nov 25, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the MIGA, this summary covers an application by Globeleq Africa Limited (GAL) for its equity and quasi-equity investments in CESOM - Central Solar de Mocuba, S.A. (CESOM) in Mozambique. GAL is seeking cover for up to USD 11.02 million for CESOM against the risks of transfer restriction and breach of contract for a guarantee period of up to 20 years.

CESOM consists of a 40.5 MWp solar photovoltaic plant currently in operation in Mocuba, Zambezia Province in Centre-Northern Mozambique. CESOM reached commercial operation date on August 6th, 2019 and was initially developed by Scatec ASA and the Norwegian Investment Fund for Developing Countries, before being acquired by GAL in December 2023. CESOM was the first solar Independent Power Producer (IPP) in Mozambique, and its electricity output is delivered to Electricidade de Moçambique (EDM) under a 25-year power purchase agreement.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the MIGA, the Project became operational in August 2019 and was initially developed by Scatec ASA (Scatec) and the Norwegian Investment Fund for Developing Countries (Norfund). Scatec was also the Engineering, Procurement and Construction (EPC) contractor for CESOM. In July 2023, Globeleq entered share purchase agreements with Scatec and Norfund to acquire their shares in CESOM. The acquisition was closed in December 2023. The Project is operated by CESOM.  

As stated by Bloomberg, Globeleq Africa Limited provides power generation services. The Company owns and operates natural gas, solar, wind, and fuel oil power plants. Globeleq Africa serves customers worldwide.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Electricidade de Moçambique Buyer Energy
- - - - Globeleq Africa Limited Investor Energy
- - - - Scatec ASA Undisclosed Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client/Investor - Globeleq Africa Limited:

Arsenio Vilanculo - Site Manager 
Address: Central Electrica de Tetereane, Rua da subestação, Cuamba, Mozambique 
Email: arsenio.vilanculo@globeleq.com
Phone: +258 20 606 530 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works