Globeleq Strengthens Renewable Portfolio in Mozambique with Acquisition of Mocuba Solar Power Plant from Scatec

Today, Scatec ASA, a prominent player in renewable energy within emerging markets, has finalized the sale of its 52.5% equity stake in Mozambique’s 40 MW Mocuba solar power plant to Globeleq for USD 8.5 million (NOK 86 million).

CEO Terje Pilskog expressed satisfaction with the transaction, aligning with Scatec’s strategy to optimize its portfolio by divesting smaller assets in non-priority markets. Pilskog emphasized that this successful deal will allocate resources to targeted markets and fund new ventures in renewable energy. He conveyed confidence in Globeleq’s capability as the future custodian of the asset, extending gratitude to Mozambique’s Government, Electricidade de Moçambique, and the project team for their efforts in delivering electricity to the nation.

The sale is anticipated to generate a net accounting gain of around USD 4 million on a consolidated basis and USD 3 million proportionally.

Globeleq, an independent power producer in Sub-Saharan Africa, boasts a power production capacity exceeding 2.1 GW, operational or under construction. The company is predominantly owned by British International Investment (70%) and Norfund (30%).

Situated in Mozambique’s Zambézia Province, the Mocuba solar power plant commenced operations in August 2019, yielding an estimated annual production of 75 GWh. It holds a 25-year Power Purchase Agreement (PPA) with the state-owned utility, EDM. Globeleq will now take over operations & maintenance as well as asset management services for the power plant as part of this acquisition