The European Programme for Clean Energy Investments (GET.Invest) has approved 144 projects on renewable energy, budgeted at around US$1.8 billion, drawn up by private companies in Mozambique, during the period 2016-2023. The approved projects are part of a universe of nearly 1,400 submitted over the period, of which 380 were supported and 70 are in the financial closing phase, at a cost of €442 million.
According to a GET.Invest document sent to AIM, the European multi-donor programme points to a high success rate and a wide reach in the market, despite persistent challenges of various kinds.
“As a pioneering initiative, GET.Invest delivers solid and tangible results. Development of a pipeline, with more than 200 projects supported with a high success rate, great reach in the market, with more than 16,000 participants”, reads the note.
GET.Invest justifies the investment in the sector as clean energy solutions are becoming increasingly commercially viable and represent the most cost-effective option to provide clean and affordable energy to millions of people by linking project and business development to financing.
“GET.Invest believes that by 2030, €41 billion per year will be needed to accelerate electrification projects in Africa within the framework of universal access”, the document says.
According to the data, solar energy is the most abundant renewable source in Mozambique, with a potential for the production of 23,000 Gigawatts, but hydropower remains the source that presents the most priority projects in the order of 5.6 Gigawatts.
It should be noted that the authorities have identified a vast range of medium-sized projects, with very competitive costs, on Mozambican rivers, including the Revue, Buzi, Pungue, Luenha, Revubue, Licungo, Lurio, Lugenda, Messalo, and Lucheringo.
GET.Invest Mozambique is funded by the Delegation of the European Union in Mozambique within the scope of the Promote Energy programme and by the German Ministry for Development Cooperation.