Country
Mozambique
Sector
Oil & Gas
Intelligence Type
Capital
Status / Stage
Disbursing
Estimated Value
USD 15,400,000,000
Confidence
Confirmed
Latest Development
Capital Details
Capital TypeProject Finance
DateJuly 2020 (closed); renegotiated November 2025
Investor / FinancierUS-Exim, JBIC, NEXI, SACE, ECIC, EXIM Thailand, African Development Bank, 19 commercial banks (UKEF and Atradius withdrew)
Recipient / BorrowerTotalEnergies EP Mozambique Area 1 (on behalf of the consortium)
Purpose of CapitalTotalEnergies EP Mozambique Area 1 (on behalf of the consortium)
Financing StructureSenior debt — direct and covered loans from 8 ECAs, 19 commercial bank facilities, and an AfDB loan. Equity from 7 partners covering remaining $5 billion of total investment
TenorUp to 18-year tenors, required to make the project economically feasible given Mozambique's risk profile.
Market Significance
Largest project finance package ever closed in Africa. Restructured in 2025 after force majeure lifted — two ECAs (UKEF, Atradius) withdrew; ~90% of lenders reconfirmed. US-Exim committed $4.7 billion. Sets the benchmark for ECA-backed African energy project finance.
Risk / Considerations
Ongoing security concerns in Cabo Delgado; incremental cost overruns of ~$4.5 billion pushing revised budget to $20.5 billion; concession extension of 10 years requested; climate activist pressure on remaining lenders
Capital & Financing Intelligence
Funding / Amount Committed15,400,000,000
Commercial Opportunity Intelligence
Commercial ReadinessVery Early