The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a loan package not exceeding \u20ac125 million to Hidroel\u00e9ctrica de Cahora Bassa (HCB) in Mozambique to support its Vital Capex program aimed at modernizing the company’s electricity production system.
HCB, the largest Independent Power Producer (IPP) in Southern Africa, provides hydroelectric power to Mozambique and the Southern African Development Community (SADC).\u00a0\u00a0
The package comprises up to \u20ac100 million from the African Development Bank and up to \u20ac25 million from the Africa Growing Together Fund.
The modernization will extend the life of the plant by at least 25 years, enhance the reliability of energy delivery, reduce outages and enable the company to fulfil its contractual obligations to its off-takers and enhance regional integration of the electricity sector in SADC. It will also ensure the sustainability of energy security of the Community, particular South Africa, Mozambique and Zimbabwe.
The Vice President of the African Development Bank’s Power, Energy, Climate Change and Green Growth Complex, Kevin Kariuki, said: “We are delighted to support the Vital Capex program, given HCB’s central role in the Southern African Power Pool.\u00a0 Additionally, HCB’s increased capacity, enhanced reliability, and ability to provide ancillary services will facilitate greater integration of variable renewable energy sources such as solar PV and wind in the wider region.”
Also commenting, the Bank’s Director for Energy Financial Solutions, Policy & Regulations, Wale Shonibare, said: “the Bank’s support to HCB\u00a0is well aligned\u00a0with its vision of\u00a0integrating\u00a0African electricity markets\u00a0to promote\u00a0the supply of\u00a0affordable and reliable electricity\u00a0to consumers in the region.”
The loan aligns with one of the Bank’s “High Fives” objectives to “Light Up and Power Africa” under its New Deal on Energy for Africa.<\/p>\n\n\n\n
Distributed by APO Group on behalf of African Development Bank Group (AfDB).<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a loan package not exceeding \u20ac125 million to Hidroel\u00e9ctrica de Cahora Bassa (HCB) in Mozambique to support its Vital Capex program aimed at modernizing the company’s electricity production system. HCB, the largest Independent Power Producer (IPP) in Southern Africa, provides hydroelectric power […]<\/p>\n","protected":false},"author":8,"featured_media":27848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[50,12],"tags":[319,1648,4899,545,3807,7358,12542,3862,8051,12635,5800,5494,9643,6543,8995,11641,7225,1134,11973,12727,10302,3805,6356,293,5655,5795,244,11487,2802,11622,8756,4155,3954,1574],"class_list":["post-27847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","category-world-news","tag-afdb","tag-africa","tag-african","tag-african-development-bank","tag-african-development-bank-afdb","tag-bank","tag-capex","tag-climate-change","tag-consumers","tag-delivery","tag-electricity","tag-energy","tag-fund","tag-growth","tag-infrastructure","tag-ipp","tag-loan","tag-mozambique","tag-one","tag-package","tag-plant","tag-president","tag-renewable-energy","tag-sadc","tag-security","tag-solar","tag-south-africa","tag-upgrade","tag-vice-president","tag-vision","tag-vital-capex-program","tag-wale","tag-will","tag-zimbabwe"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/27847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=27847"}],"version-history":[{"count":0,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/27847\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/27848"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=27847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=27847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=27847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}