| Seller / SPV | TroGreen Energy Moçambique, Lda — builds and operates each plant and holds title. |
| Off-taker | Electricidade de Moçambique (EDM) under a 25-year USD PPA, and a 5% equity stakeholder in the asset-owning SPV. |
| Bondholders | Senior secured against project assets and LC-backstopped PPA cash flows. |
| Sponsor | Trophy Trackers Africa / Green Utilities (UK). |
EDM’s payment obligations are backstopped by an irrevocable standby Letter of Credit (the PPA’s “Guaranteed Credit Support”) issued by a bank meeting an A-/A3 minimum rating and guaranteed by a French entity, covering the Credit Support Amount for roughly 17 years from financial close before stepping down.
EDM is both the contracted buyer of power and a 5% equity holder in the SPV — aligning the national utility’s interests with the project’s performance and bondholders’ security.
Proceeds fund EPC, grid connection, development, and a debt-service reserve via milestone-linked draws. The bankability rests on a hard-currency, CPI-linked tariff; a sovereign-utility off-taker with an LC plus French guarantee backstop; EDM equity alignment; and a replicable model proven on the Gaza lead asset.