Globeleq restructures financing for Mozambique gas project
By the AFREEQUE newsroom, based on Club of Mozambique
Globeleq is negotiating new financing with its partners and lenders for its $660 million gas project in Mozambique. The 450 MW Temane power plant is now due to come online in 2028, three years later than initially scheduled, according to Reuters.
Independent power producer Globeleq expects to finalise by the end of 2026 the restructuring of financing for its $660 million Temane gas-fired power plant in Mozambique. The group is negotiating new terms with its partners, shareholders and lenders, including the International Finance Corporation (IFC), the OPEC Fund for International Development and the US DFC, according to its country director in Mozambique, Samir Sale, quoted by Reuters.
The 450 MW Temane power plant is now due to become fully operational in 2028, three years later than planned. A new Turkish contractor, ENKA, was appointed last December after two cyclones damaged equipment and flooded the site, while post-election violence in 2024 also delayed construction and increased costs, according to Globeleq.
The Mozambican government agreed in September to additional measures to support the project, including tariff adjustments. The power plant is to use gas from fields operated by Sasol in Mozambique and contribute to the development of a gas and power hub in Inhambane province, according to Globeleq.
Once the plant is operational, Globeleq is considering a second phase that would add 450 MW. The group is jointly owned by British International Investment and Norway’s Norfund.
