Senior-secured participation in a bankable, fully-contracted portfolio of grid-scale solar plants selling power to Mozambique’s national utility under 25-year, USD-denominated, inflation-linked PPAs — with payments backstopped by a tier-one-bank letter of credit.
25-year USD PPAs with EDM, the national utility, with a CPI-linked tariff — revenue is contracted, hard-currency, and inflation-protected for the life of the bond.
EDM’s obligations are backstopped by an irrevocable standby letter of credit from a tier-one (A-/A3) bank, guaranteed by a French entity, insulating bondholder cash flows from utility payment risk.
EDM holds a 5% equity stake in the asset-owning SPV, and the model is proven on the fully-modelled Gaza lead asset and scaled to Manica — a repeatable national pipeline.