Globeleq, the leading independent power company in Africa, has agreed to purchase Scatec A.S.A.'s 52.5% stake in the 41 MW Central Solar de Mocuba solar PV power plant (Mocuba). Globeleq 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%.
The Mocuba power plant is located on 126 hectares in a rural setting approximately 13km from the city of Mocuba in Zambezia province, in central Mozambique. The project reached financial close in March 2018 and construction was completed in August 2019. 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.
This acquisition will significantly expand Globeleq's 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.
Mike Scholey, Globeleq's CEO commented:
"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."
About Globeleq
Globeleq, which is owned 70% by British International Investment and 30% by Norfund, is the leading developer, owner and operator of electricity generation in Africa. Since 2002, its experienced team of professionals have built a diverse portfolio of independent power plants, generating more than 1,500MW in 14 locations across 6 countries, with a further 722 MW in construction and more than 2,000 MW of power projects in development.