As of 2014 Mozambique will own 100 percent of shares in the Cahora Bassa hydroelectric dam (HCB), after an agreement was reached in Lisbon following three days of negotiations between delegations from Mozambique and Portugal about the future of the facility located in the Mozambiquan province of Tete.
Since 2007 Mozambique has owned 85% of HCB’s shares, and the remaining 15% belonged to Portugal.
The agreement reached outlines that initially 7.5% of HCB’s shares will be sold to the Mozambiquan state.
A statement issued at the end of the negotiations by the technical teams noted that the agreement also included the stipulation that the remaining 7.5% of shares would be transferred within a maximum of two years when Mozambique will become the owner of the entire share capital of the dam. The agreement did not outline how much Mozambique would have to pay Portugal for the 15% stake.
Cahora Bassa, which was built when Mozambique was a Portuguese colony, is one of the world’s largest hydroelectric dams and has capacity to generate 2 015-megawatts of electricity.
