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Globeleq will now hold a 75% stake in Mocuba solar plant.


Globeleq acquires Scatec’s stake in 40MW solar plant in Mozambique

The Mocuba solar power plant is located in the Zambézia Province of Mozambique and was commissioned in August 2019.

Africa-focused independent power producer, Globeleq, has reached an agreement with Norwegian renewable energy developer Scatec for the acquisition of the latter’s 52.5% stake in the 40 MW Mocuba solar power plant located in Mozambique for USD 8.5 million (NOK 85 million).

Globeleq also revealed that it will also purchase KLP Norfund Investments A.S.’s 22.5% stake in the plant at the same time. On completion of these transactions, Globeleq will hold a 75% stake in Mocuba, and will become the owner and manager of the plant. Electricidade de Moçambique (EDM), the national power company, will continue to hold the remaining 25%.

“I am very pleased that Globeleq is continuing to build its presence in Mozambique through the purchase of the Mocuba solar plant. This acquisition, alongside our other projects, demonstrates our commitment both to Mozambique and to building our renewable power portfolio in Africa,” said Mike Scholey, Globeleq’s CEO.

The Mocuba solar power plant is located in the Zambézia Province of Mozambique and was commissioned in August 2019. The project has an annual production of approximately 75 GWh and holds a 25-year PPA with the state-owned utility, EDM.

EDM is the off-taker through a 25-year power purchase agreement with the electricity produced being supplied into the national grid. The International Finance Corporation and the Emerging Africa Infrastructure Fund are lenders to the project.

As part of the transaction, Globeleq will assume responsibility for operations & maintenance and asset management services for the power plant.

“We are very pleased to secure a value accretive transaction and are confident that Globeleq will be a solid owner of the asset going forward,” Terje Pilskog, the CEO of Scatec said.

Globeleq’s increasing footprint in Mozambique

According to Globeleq, the acquisition will significantly expand its operational footprint in Mozambique where the company is in the process of commissioning a 19 MW solar and 7MWh energy storage project at Cuamba and constructing a 450 MW gas-to-power project at Temane.

Globeleq is also leading development of a 120 MW wind project at Namaacha, near Maputo. The Mocuba transaction is subject to regulatory and lender approval and is expected to close in the first half of 2024.

Following the completion of this transaction and the commissioning of the Cuamba Solar plant, Globeleq’s solar portfolio in Africa will be close to 400 MW across South Africa, Egypt, Kenya and Mozambique.

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