World Bank's MIGA Issues $7.96M Guarantee to Globeleq for Mozambique Solar Plant
MIGA has issued a $7.96 million guarantee to Globeleq Africa for the Central Eléctrica de Tetereane solar project in Mozambique, covering breach-of-contract risks related to a 25-year power purchase agreement with Electricidade de Moçambique. The project, costing approximately $36 million, features a 19 MWp solar plant and a 1.86 MW battery storage system, expected to supply electricity to around 21,800 customers and reduce CO₂ emissions by over 172,000 metric tons over its lifetime.
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The Multilateral Investment Guarantee Agency (MIGA) has issued a $7.96 million, 20-year guarantee to Globeleq Africa for the Central Eléctrica de Tetereane (CET) solar project in Mozambique. This guarantee covers breach-of-contract risks associated with a 25-year power purchase agreement with Electricidade de Moçambique (EDM).
The CET project, commissioned in September 2023, includes a 19 MWp solar plant and a 1.86 MW battery storage system, requiring an investment of about $36 million. It will serve approximately 21,800 customers and is projected to avoid over 172,000 metric tons of CO₂ emissions. The initiative supports Mozambique's energy transition efforts and aims to attract private investment.
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