Scatec Finalizes Solar Power Plant Sale in Mozambique to Globeleq

Scatec ASA, a renowned renewable energy company in emerging markets, has completed the divestment of its 52.5% equity share in the 40 MW Mocuba solar power plant in Mozambique to Globeleq. The consideration for the transaction is USD 8.5 million (NOK 86 million).

The divestment will generate a net accounting gain of approximately USD 4 million on a consolidated basis and USD 3 million on a proportionate basis.As per the terms of the transaction, Globeleq will be responsible for operations & maintenance, and asset management services for the power plant.

Globeleq, an independent power producer in Sub-Saharan Africa, has over 2.1 GW of power production capacity, either in the construction or in the operation phase. 70% of the company is owned by British International Investment and 30% by Norfund.

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

“We are pleased to have closed this transaction, which is in line with our strategy to optimise our portfolio including the divestment of smaller assets in non-focus markets,” said Scatec CEO Terje Pilskog. “The transaction’s success will free up resources for our targeted markets and generate funds for fresh ventures in renewable energy. We are delighted to have completed a value-enhancing deal and have full confidence that Globeleq will be a good owner of the asset in the future. I would like to thank the Government of Mozambique, Electricidade de Moçambique and our team who worked on the project delivering electricity to the nation.”