Expanding Portfolio: Globeleq completes acquisition of 41MW solar plant in Mozambique

MOZAMBIQUE – Globeleq, an Africa-focused independent power company, has successfully concluded the acquisition of a 52.5% stake and a 22.5% stake in the 41 MW Central Solar de Mocuba solar PV power plant (Mocuba) in Mozambique from Scatec ASA and KLP Norfund, respectively.

The remaining 25% stake in the solar power plant will be retained by the Mozambique national electricity utility, Electricidade de Moçambique (EDM).

This acquisition is a substantial addition to Globeleq’s solar PV portfolio in Africa, boasting a total capacity of nearly 400 MW spread across South Africa, Egypt, Kenya, and Mozambique.

It notably enhances the company’s renewable energy presence in Mozambique, occurring shortly after the commencement of commercial operations at its 19 MW solar and 7 MWh energy storage project in Cuamba.

Mike Scholey, the CEO of Globeleq, expressed the company’s strategic vision, stating, “We are steadily building a major business in Mozambique in solar, wind, and gas-to-power of which this acquisition at Mocuba is just the latest addition.

“Mocuba is an excellent fit within our pan-African solar portfolio, and I welcome our new colleagues from the plant to Globeleq.

“2024 promises to be a critical year for Globeleq in Mozambique as the Temane gas-to-power plant moves towards commercial operations, and the Namaacha project, the country’s first wind power project, is expected to reach financial close by mid-2024.”

Situated on 126 hectares in a rural area approximately 13 km from Mocuba city in Zambezia province, the Mocuba solar power plant achieved financial close in March 2018 and completed construction in August 2019.

EDM, the state-owned electricity utility, serves as the off-taker through a 25-year power purchase agreement. Key financiers of the project include the International Finance Corporation (IFC) and the Emerging Africa Infrastructure Fund (EAIF), with a total investment of US$36 million.

The Mocuba solar power plant is anticipated to supply clean energy to around 22,000 Mozambican households, contributing to a reduction of over 172,000 tonnes of CO2 emissions throughout its operational lifespan.

Globeleq’s recent endeavors, including the Cuamba Solar PV Plant, underscore its commitment to sustainable energy solutions in Mozambique, aligning with the broader regional goals for renewable energy development.

For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.