Maputo, Mozambique, 1 June – The project to build the Mpanda Nkuwa hydroelectric dam (HMNP), which will be the second of its kind in Mozambique, will go ahead despite the current international financial crisis, the board of HMNP said Friday in Maputo.
The project to build HMNP, which will be located 61 kilomtres downstream of the Cahora Bassa Hydroelectric Dam (HCB), in Tete province, central Mozambique, is expected to cost US$2 billion.
Part of that funding will come from the Camargo Corrêa consortium in Brazil, Electricidade de Moçambique (EDM) and Energia Capital, from Mozambique, which are stakeholders in HMNP.
The remaining funding will be secured by banks, via long term loan contracts.
Construction of the facility is due to begin in 2011 and take four and a half years, followed by its operational phase.
Speaking Friday in Maputo about the execution phase of the project, the chairman of the board of HMNP, Egídio Leite said that the “schedule set out for execution of the project will not be altered due to the current international financial crisis.” (macauhub)