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Saudi ACWA Builds $1B Power Plant for Vale’s Mozambique Project

Group led by ACWA Power signed 25-yr contract yday with Mozambique govt to build the coal-fired Moatize plant in Tete Province, 1,500 km north of Maputo, it says in an e-mailed statement. * Plant to have capacity of 300 megawatt; 250 of that to supply Vale SA (VALE5)’s coal mining project; rest to feed country’s grid * Vale, Japan’s Mitsui Co Ltd. co-sponsor project; state-owned utility, Electricity de Mozambique and local investor Whatana Investment Group are minority shareholders * Korean GS Engineering (006360) & Construction awarded engineering, procurement and construction of Moatize; ACWA Power’s wholly owned subsidiary, NOMAC to operate and maintain plant *NOTE: Riyadh-based ACWA Power owned by Saudi investors; govt pension funds and state-owned Sanabil investment co.

To contact the reporter on this story: Wael Mahdi in Manama at wmahdi@bloomberg.net

To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net Dale Crofts, Robert Valpuesta

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