African independent power producer Globeleq has successfully completed its acquisition of a 75% stake in the 41MW Central Solar de Mocuba solar project in Mozambique from Norwegian firm Scatec and Norwegian pension provider KLP.
The deal, initially announced by Globeleq in July 2023, reached its conclusion in December of the same year. Globeleq acquired a 52.2% stake in the Mocuba project from Scatec and a 22.5% stake from KLP. The remaining 25% stake in the project continues to be owned by Electricidade de Moçambique, Mozambique's national power company.
Operational since 2019 in Mozambique's Zambézia Province, the Mocuba project has contributed significantly to the country's solar power generation, which surged from 1GWh in 2018 to 69GWh in 2021, according to the International Energy Agency.
Globeleq CEO Mike Scholey expressed enthusiasm about the company's growing presence in Mozambique, 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.”
Scatec disclosed that Globeleq acquired its stake in the Mocuba project for $8.5 million. This move represents Globeleq's latest venture in Mozambique's solar sector, following the commissioning of a 19MW solar project in Cuamba, accompanied by a 2MW/7MWh energy storage plant in November 2023—Globeleq's inaugural solar-plus-storage project in the country.
The Mozambican solar sector anticipates a promising future, supported by the government's commitment to substantial solar growth, as outlined in the 2024 budget. The government projects a 288% increase in solar electricity output between the end of 2023 and 2024, driven mainly by the expansion of capacity at existing projects, including the Mocuba plant, where a 5% increase in electricity production is expected.