The European Union will launch a financial instrument for the development of private sector projects in the field of renewable energies, with a budget of 15 million euros.

The head of the Infrastructure and Private Sector team at the EU delegation in Maputo, Veerle Smet, said on Monday that the project will be called "Electrificar" and will serve to open a window to Mozambique.

To this end, a meeting was held between the EU, the Lusophone Renewable Energy Association (ALER), the Mozambican Renewable Energy Association (AMER) and the Alliance for Rural Electrification (ARE) in preparation for a renewable energy business conference, scheduled for next week.

"Specifically, and to attract more of the private sector that is going to invest in the country," said Smet, quoted by the newspaper "Notícias".

He said that by 2030, Mozambique could have an installed capacity of renewable energy sources capable of generating around 575 megawatts.

Currently, the country has a total generating capacity of 2,750 megawatts, and electricity coverage is 50 percent. By 2030 this capacity should reach 6500MW, said Veerle Smet.

The EU has already disbursed around 200 million euros to assist private sector renewable energy projects, Smet said.