Globeleq Expands Renewable Portfolio in Africa with Acquisition of Mocuba Solar Plant in Mozambique
Globeleq, the leading independent power company in Africa, has reached an agreement to acquire Scatec A.S.A.’s 52.5% stake and KLP Norfund Investments A.S.’s 22.5% stake in the 41 MW Central Solar de Mocuba power plant in Mozambique. After the completion of these transactions, Globeleq will hold a 75% stake in Mocuba, becoming the owner and manager of the plant. Electricidade de Moçambique (EDM) will retain the remaining 25% ownership.
The Mocuba power plant, situated in Zambezia province, Mozambique, reached financial close in March 2018 and commenced operations in August 2019. Under a 25-year power purchase agreement, EDM is the off-taker, with the electricity supplied to the national grid. The acquisition will expand Globeleq’s operational presence in Mozambique, where the company is also developing a solar and energy storage project in Cuamba and a gas-to-power project in Temane. Additionally, Globeleq is leading the development of a wind project in Namaacha. The Mocuba transaction is subject to regulatory and lender approval and is expected to conclude in the first half of 2024.
Opinion: Globeleq’s acquisition of the Mocuba solar plant reflects the company’s commitment to expanding its renewable energy portfolio in Africa. By increasing its presence in Mozambique and strengthening its solar capacity across the continent, Globeleq demonstrates its dedication to sustainable power generation and supporting the region’s energy needs.
