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COP28: BNI Signs $150M Partnership With Hidropower and AMEA Power

COP28: BNI Signs $150M Partnership With Hidropower and AMEA Power

On Monday 4 December, the National Investment Bank signed a joint development agreement with the companies AMEA Power, from the United Arab Emirates, and Hidropower, from Mozambique. The document aims to develop a photovoltaic solar energy plant with an estimated annual capacity of between 125 and 200 MW and a cost of more than 150 million dollars.

The agreement was signed during the 28th United Nations Climate Change Conference (COP28) in Dubai (United Arab Emirates), where the Mozambican government reaffirmed its commitment to promoting economic development anchored in environmental sustainability, highlighting the recently approved Energy Transition Strategy as a fundamental part of this commitment.

According to a statement, the solar project is expected to significantly reduce carbon dioxide emissions annually and, once operational, will play a crucial role in meeting the growing demand for energy both in Mozambique and in the southern African region, in line with the government’s objectives of accelerating the country’s electrification by 2030.

In addition, the project is expected to provide electricity to more than 150,000 Mozambican families and create more than 1,500 jobs during the construction phase, contributing to the development of the local and national economy.

“This agreement is being signed at a strategic time when the National Investment Bank is consolidating its role as a development bank, promoting and mobilising alternative financing solutions and foreign investment for infrastructure projects with an impact on the country’s socio-economic development,” explains the note.

Also according to the document, “this action highlights the crucial role that BNI has been playing in the energy transition process and in stimulating sustainable development in Mozambique”.

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