Mozambique: Globeleq Invests in Solar, EDM Retains Stake

• Globeleq acquires majority stake in Mozambique's Mocuba solar PV power farm, part of a 400MW African portfolio. Temane gas-to-power & Namaacha wind projects to reach financial close & commercial operations in 2024.

Globeleq has acquired a majority stake in the Mocuba solar PV power farm in Mozambique. The company received 52.5% of the project from Scatec ASA and 22.5% from KLP Norfund, with 25% remaining with the Mozambique’s national power company EDM. This acquisition is part of Globeleq’s solar PV portfolio in Africa across South Africa, Egypt, Kenya and Mozambique with a total capacity of close to 400MW. Additionally, the company's Temane gas-to-power plant and Namaacha wind power project in Mozambique are expected to reach financial close and commercial operations respectively in 2024.

What Does Globeleq's Acquisition of Mocuba Mean?

• Globeleq's acquisition of Mocuba is part of the company's larger strategy to expand its African solar PV portfolio.
• With the completion of Mocuba project, Globeleq will have total capacity of close to 400MW across South Africa, Egypt, Kenya and Mozambique.
• Globeleq's 51MW Temane gas-to-power plant and 100MW Namaacha wind power project in Mozambique are both expected to reach financial close and commercial operations in 2024.
• The acquisition of Mocuba is expected to strengthen Globeleq's presence in Mozambique and provide clean electricity for thousands of households.
• The Mocuba project is the first solar PV project in Mozambique and has the potential to stimulate further investments in renewable energy in the country.