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Investment bank Eaglestone has acted as the financial advisor to Gigawatt Mozambique on the 100MW gas-fired power station in Ressano Garcia
Coenraad Krige, managing director of Eaglestone Capital Advisory in South Africa, said, ”Financial close of this project marks a significant achievement for Eaglestone in Mozambique and we are proud to be part of this landmark project. Its success should be a catalyst to the much needed growth in the energy sector in Mozambique and the southern African region.”
Eaglestone officials added that more than 50 per cent of the project would be owned by Mozambican shareholders.
The project was developed by Gigawatt – a Mozambican company, which holds a gas power generation concession from the government. This concession has been sub-conceded since 2012 for temporary power to Mozambique, South Africa and Namibia.
Pedro Neto, CEO of Eaglestone, said, “Eaglestone is delighted to be involved in such an important project for Mozambique. Economic growth in Mozambique needs competitively priced energy. In turn, one of the important benefits of economic growth is the reliable delivery of electricity to domestic customers.”
“Bringing cheap and clean energy onto the grid will have a dramatic impact on both the efficiency of businesses and the quality of life of Mozambicans. It is an important part of ensuring that Mozambique’s natural resources are used to generate broader economic benefits.”
Standard Bank acted as mandated lead arranger and underwriter for the project’s debt funding requirements. The bank has also been appointed as the primary account bank for Gigawatt.