Globeleq acquires PV plant in Mozambique

London-based Globeleq has acquired a 75% stake in the 41 MW Central Solar de Mocuba PV plant in Mozambique.

The company, which specializes in developing, operating and acquiring interests in power facilities on the African continent, purchased a 52.5% stake in Mocuba from Norway's Scatec and a 22.5% share from fellow Norwegian group KLP Norfund. Electricidade de Moçambique (EDM), the country's national power company, continues to hold the remaining 25% stake in the plant.

The acquisition significantly expands Globeleq’s renewable energy footprint in Mozambique and comes just weeks after the company began commercial operations of its 19 MW solar and 7 MWh energy storage project in Cuamba. Globeleq said Mocuba also represented an important addition to its solar PV portfolio in Africa, which now has capacity of close to 400 MW across South Africa, Egypt, Kenya and Mozambique.

In addition to Mocuba, the company is constructing a major 450 MW gas-to-power project in Temane that will substantially expand the Mozambican national grid when it starts to produce power at the end of 2024, providing vital baseload power to support and enable additional renewable power projects.

At the same time, the Temane Transmission Project is constructing a 563 km, 400 kV transmission line that will provide a vital link to the southern section of the Mozambican national grid. Globeleq is likewise advancing its 120 MW wind project at Namaacha, near Maputo, which is expected to reach financial close in 2024.

“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,” said Globeleq CEO Mike Scholey. “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.”