Major Stake Acquisition
Globeleq, Africa’s leading independent power company, has successfully acquired a 52.5% stake and a 22.5% stake in the 41 MW Central Solar de Mocuba solar PV power plant in Mozambique. Scatec ASA and KLP Norfund previously held these stakes, while Electricidade de Moçambique (EDM) retains a 25% stake.
Strategic Expansion and Impact on Portfolio
This acquisition significantly enlarges Globeleq’s renewable energy presence in Mozambique. It follows the recent commencement of commercial operations at its 19MW solar and 7MWh energy storage project in Cuamba. Mocuba, contributing to Globeleq’s solar PV portfolio, enhances its capacity to nearly 400 MW across South Africa, Egypt, Kenya, and Mozambique.
Ongoing Projects in Mozambique
Globeleq is actively developing a 450 MW gas-to-power project at Temane, set to augment the Mozambican national grid by late 2024. Simultaneously, the Temane Transmission Project is constructing a 563km, 400kV transmission line to link the Southern section of the national grid. Progress is also evident in the 120 MW wind project at Namaacha, near Maputo, expected to reach financial close in 2024.
Mike Scholey, CEO of Globeleq, expressed enthusiasm about Mocuba aligning with the pan-African solar portfolio. He highlighted 2024 as a pivotal year for Globeleq in Mozambique, citing the Temane gas-to-power plant’s move towards commercial operations and the expected financial close of the Namaacha wind project.
About Globeleq
Globeleq, owned 70% by British International Investment and 30% by Norfund, stands out as Africa’s leading developer, owner, and operator of electricity generation. With a diverse portfolio across seven countries, the company generates 1,769 MW and has an additional 488 MW in construction, with over 2,000 MW in development.
About Mocuba
Situated 13km from the city of Mocuba in central Mozambique, the Mocuba power plant spans 126 hectares. Achieving financial close in March 2018, it concluded construction in August 2019. EDM, under a 25-year power purchase agreement, serves as the off-taker, supplying electricity to the Mozambican national grid. The International Finance Corporation (IFC) and the Emerging Africa Infrastructure Fund (EAIF) are lenders to the project.
Source：prnewswire.com
