Mozambique earned $431 million (€379 million) from electricity exports in 2024 to South Africa’s Eskom Holdings SOC Ltd and Zambia’s Zesco Limited, Cahora Bassa Hydropower producer’s (HCB) Financial Director said.
Speaking at the conference marking the 50th anniversary of Hidroelétrica da Cahora Bassa (HCB), Mozambique’s largest electricity producer and one of the main dams in Africa, Ermínio Chiau, the company’s financial director said the country earned $431 million from electricity exports as well as a cumulative €1.588 billion ($1.802 billion) paid to the government since 2007.
“In the last two years alone, 2023 and 2024, the company paid the state around 37 billion meticais [€510 million].
“In 2020, sales enabled the repayment of $354 million [€312 million], which in terms of export weight in the sector constituted 78%. These foreign exchange earnings dictate the strengthening of the balance of payments, exchange rate stability, as well as an increase in credit capacity for the economy,” said Director Ermínio Chiau.
HCB’s chairman of the board of directors, Tomás Matola, said the €1.588 billion ($1.802 billion) paid to the Mozambican state between 2007 and 2024 was for concession fees and taxes.
“Our vision, our strategic plan, is to achieve a production of 4,000 MW by 2034, to make HCB one of the largest energy producers in Africa,” said Chairman Tomás Matola.
The anniversary celebration comes on the heels of HCB’s payment of €102.6 million ($114 million) in dividends to its shareholders following its earning $220 million in profits in 2024.
Electricity production in Mozambique is expected to fall by 1.3% in 2025 due to maintenance work at the hydroelectric plant, the country’s largest producer and one of the main dams in Africa, according to government forecasts.
As a result, Mozambique is expected to produce 19,197.8 gigawatt hours (GWh) of electricity this year, with 15,504.4 GWh guaranteed by HCB in the central province of Tete, a reduction of 4.1% compared to 2024 and the lowest figure in four years.
Mozambique’s electricity infrastructure will receive a World Bank-funded upgrade aimed at connecting around 146,000 new consumers to the grid, benefiting approximately 700,000 people in Maputo, Sofala, Manica, Tete, Zambézia and Nampula provinces.
