Globeleq Acquires 75% of Mozambique Solar Plant

• Globeleq has agreed to acquire a 75% stake in Mozambique's 41 MW Mocuba solar plant, showcasing its commitment to African power production. The company is also in the process of commissioning two additional projects with a total capacity of 400 MW.

Globeleq, a leading African power producer, has agreed to acquire a 75% share in the operational Mocuba solar plant located in Mozambique. The plant has a 41 MW capacity and is owned by Scatec and KLP Norfund Investments. EDM, the national power company, will retain the remaining 25% stake in the project. Construction was completed in August 2019 and the plant supplies electricity to the national grid through a 25-year power purchase agreement with EDM. Globeleq is also in the process of commissioning a 19MW solar and 7MWh energy storage project in Cuamba and developing a 120MW wind project near Maputo. When these new projects are completed, Globeleq’s solar portfolio in Africa will have a total capacity of around 400MW.

What Is Globeleq's African Solar Portfolio?

Globeleq's African solar portfolio includes:

• The construction of 1.4 gigawatts (GW) of solar power plants in South Africa, with an estimated total investment of USD 2 billion
  
• An additional 1 GW of solar power plants across other African nations, including Botswana, Namibia, Zambia, and Mozambique
• The development of a 200 megawatt (MW) of solar projects in Ethiopia, with an estimated total investment of USD 300 million
• The construction of a 100 MW solar project in Rwanda
• The development of a further 60 MW of solar power plants in Zambia
• The installation of a 60 MW of solar power plants in Uganda