Globeleq closes 75% stake purchase in 41-MW solar farm in Mozambique

Africa-focused independent power producer (IPP) Globeleq said on Thursday that it has finalised the acquisition of a majority stake in the 41-MW Mocuba solar farm located near the namesake city in Mozambique.

The firm purchased a 52.5% stake from Norwegian renewable power producer Scatec ASA (OSL:SCATC) and a 22.5% stake from investment company KLP Norfund, in line with the agreement announced in July this year. Domestic electric utility Electricidade de Mocambique (EDM) continues to hold the remaining 25% of the plant.

EDM also off-takes electricity generated by Mocuba under a 25-year power purchase agreement (PPA).

The acquisition strengthens Globeleq's presence in the renewable energy sector in the East African country, adding to its solar portfolio of close to 400 MW across South Africa, Egypt, Kenya and Mozambique. More recently, the IPP started commercial operation of its Cuamba solar-plus-storage plant in Mozambique.

Globeleq is currently building a gas-to-power plant in Temane, Mozambique, and is making progress with its 120-MW wind project in Namaacha, close to Maputo.

The Temane gas-to-power plant is moving towards commercial operation, while financial close for the Namaacha wind project is expected by mid-2024, Globeleq’s CEO Mike Scholey said, anticipating 2024 to be “a critical year for Globeleq in Mozambique”.

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