ECIFF - TotalEnergies-led group to help build $4.5B Mozambique hydro project

2023-05-26 07:36:43 ET

Mozambique's government said Friday it selected a consortium including TotalEnergies ( NYSE: TTE ) and Electricité de France ( OTCPK:ECIFF ) as strategic partners in a $4.5B hydropower project .

The government said the partners would invest $500M-$700M in the project, which is planned to include the 1,500 MW Mphanda Nkuwa dam and an associated transmission line.

The project will be ~60 km downstream the Zambezi River from the existing Cahora Bassa hydropower dam that has the capacity to generate 2,075 MW of power, more than half of which is sold to South Africa, where rolling blackouts often lasting more than 12 hours a day are common.

Separately, French riot police fought several hundred climate activists seeking to block shareholders from accessing TotalEnergies' ( TTE ) annual shareholder meeting on Friday.

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