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Globeleq Acquires Mocuba Solar Plant in Mozambique

African power producer Globeleq has agreed to purchase Scatec’s 52.5% stake in the 41MW Central Solar de Mocuba solar plant (Mocuba) in Mozambique.

Globeleq will also purchase KLP Norfund Investments’ 22.5% stake in the plant at the same time, to hold a total 75% stake in Mocuba.

Globeleq 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 expand Globeleq’s operational footprint in Mozambique where the company is in the process of commissioning a 19MW solar and 7MWh energy storage project at Cuamba.

Globeleq is also leading development of a 120MW wind project at Namaacha, near Maputo.

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

Globeleq chief executive Mike Scholey said: “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 renewables power portfolio in Africa.”

Link: https://360mozambique.com/development/renewables/globeleq-acquires-mocuba-solar-plant-in-mozambique/