Central Termica de Ressano Garcia

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The project involves the design, construction, ownership, operation and maintenance of a new 175 MW (gross) gas-fired power plant. The project’s sponsors are Electricidade de Mozambique (EDM), the integrated public power utility in Mozambique and Sasol New Energy, a wholly owned subsidiary of Sasol Limited of South Africa (Sasol). EDM will hold 51% and Sasol will hold 49% of the special purpose vehicle incorporated in Mozambique - Central Termica De Ressano Garcia S.A. (project company or “CTRG”). The power plant is located in the border town of Ressano Garcia in Moamba District, Maputo Province, Mozambique. This is a greenfield project initiated on a BOO basis (license scheme). Completed in early 2015, the plant provides highly reliable and competitively priced power to Mozambique’s national utility Electricidade de Mocambique (EDM) under a 20-year Power Purchase Agreement. The total project cost is estimated at US$ 273 million. Sasol provided the bridge funding to the project up to the successful conclusion of the project finance. CTRG reached financial close on a $189-million project finance transaction in July 2017. IFC provided $55 million on its own account together with a syndicated loan of $42 million from the Emerging Africa Infrastructure Fund and FMO, $21 million each. The remaining debt financing was provided by Proparco (AFD) and ABSA Bank (part of Barclays). Sponsors' equity to the project totals $84 million, of which Sasol provided $41.16 million (49%). It was reported that project benefits from a political risk covered from IFC in the amount of $2 million. Project is operational since 2015 but reached financial closing post operation. https://disclosures.ifc.org/#/projectDetail/SII/33020 http://clubofmozambique.com/news/sasols-mozambique-central-termica-de-ressano-garcia-reaches-financial-close-with-lenders/ https://www.esi-africa.com/news/ifc-invests-mozambique-gas-fired-power-plant/ http://www.globallegalchronicle.com/central-termica-de-ressano-garcias-development-and-financing/ http://www.sasol.com/mozambique http://www.electricenergyonline.com/article/energy/category/generation/52/677869/eaif-backs-power-station-refinancing-in-mozambique.html https://weeklyxpose.co.za/2018/01/22/emerging-africa-infrastructure-fund-ifc-sign-loan-deal-mozambique-power-station/