Globeleq acquires majority stake in Mocuba solar PV plant in Mozambique
Globeleq, the leading independent power company in Africa, has made a significant stride in expanding its renewable energy portfolio in Mozambique. The company has completed its acquisition of a 52.5% stake from Scatec ASA and a 22.5% stake from KLP Norfund in the 41 MW Central Solar de Mocuba solar PV power plant (Mocuba). Electricidade de Moçambique (EDM), the national power company of Mozambique, retains a 25% stake in the plant.
Expansion of Globeleq’s Renewable Energy Footprint
This acquisition marks a substantial expansion for Globeleq in the Mozambican renewable energy sector, following closely on the heels of the company’s successful start of commercial operations at its 19MW solar and 7MWh energy storage project at Cuamba. Mocuba is an integral addition to Globeleq’s solar PV portfolio in Africa, which now boasts a capacity of nearly 400 MW across South Africa, Egypt, Kenya, and Mozambique.
Globeleq Boosts Renewable Energy Presence in Mozambique with Solar PV Plant Acquisition
Globeleq’s Diverse Energy Projects in Mozambique
Globeleq is also making significant progress in other energy projects across Mozambique. The company is currently constructing a major 450 MW gas-to-power project at Temane, poised to substantially expand the Mozambican national grid by the end of 2024. This project is expected to provide vital baseload power, supporting additional renewable power projects. Additionally, the Temane Transmission Project involves constructing a 563km, 400kV transmission line, crucial for linking to the Southern section of the Mozambican national grid. Globeleq’s 120 MW wind project at Namaacha, near Maputo, is also advancing well, expected to reach financial close in 2024.
CEO Mike Scholey’s Vision for Globeleq in Mozambique
Mike Scholey, Globeleq’s CEO, commented on the acquisition, “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.”
Impact and Future Outlook
The acquisition of stakes in the Mocuba solar PV plant is a strategic move for Globeleq, reinforcing its commitment to expanding renewable energy solutions in Africa. It reflects the company’s focus on diversifying energy sources and contributing to sustainable development in the region. With multiple projects underway and set to become operational in the near future, Globeleq is poised to play a pivotal role in shaping the energy landscape of Mozambique and the wider African continent.