Fieldstone, the leading independent investment bank in energy and infrastructure in Africa assisted WHN Solar to raise grant funding for a solar project in Mozambique. The grant for almost $1.2 million was conferred by the U.S. Trade and Development Agency (USTDA) for a feasibility study to assess the viability of a photovoltaic (PV) plant of up to 100 megawatts (MW), to be developed in increments of 20-40 MW. The proposed solar energy plant will be located at the Nacala International Airport in the Province of Nampula in Mozambique.
A key feature of this solar plant is an energy storage facility with up to 50 MW of capacity, which will be located adjacent to the plant.
The project forms part of the initiative by the government of Mozambique to establish universal access to electricity by 2030. The government has been actively promoting the use of renewable energy projects, specifically hydro and solar energy.
WHN Solar selected HDR International, Inc. (Omaha, NE), a multidisciplinary engineering, environmental, and consulting firm, to conduct the feasibility study.
“This milestone certainly evidences the continued support of the US Government to the continent of Africa. It also proves the market need and commercial premise of Fieldstone Africa Investment Resources (FAIR),” according to Fieldstone CEO, Jason Harlan. “Assisting a talented local development team like WHN Solar to bring a project to fruition requires the full development and global financial reach that FAIR brings to the table. We are pleased that the USTDA has recognized the value offered by the full team of consultants to support the feasibility study.”
FAIR will serve as the project’s development and financial advisor. FAIR was created specifically to provide its deep and broad development expertise for projects, ensuring they are successfully developed along a bankable path.
In addition to HDR, the U.S. firms involved in the project include Marathon Engineering, which will provide engineering, geotechnical, and energy support for the project; Covington and Burling, selected as the international legal counsel; and ERM, which will undertake the environmental and social work streams. Mozambican entities include Couto, Graça e Associados (CGA), providing legal counsel, and Norconsult Mozambique, which will assist with a grid study.
“USTDA is pleased to support this important project that will help diversify Mozambique’s energy generation mix,” said Paul Marin, USTDA’s Acting Regional Director for Sub-Saharan Africa. “At the same time, the project represents business opportunities for U.S. companies in a key sector in Mozambique.”
Fieldstone has an established track record in advising and bringing over $13 billion in projects to fruition on the continent during its 22-year history. The Nacala solar project will be the largest in Mozambique once it reaches full scale.