Scatec Sells Mozambique Solar Plant to Globeleq, Boosts Portfolio

• Scatec ASA sells majority stake in Mocuba solar power plant to Globeleq, generating a net gain of $4m. The plant has a 25-year power purchase agreement and produces 75 GWh annually.

Renewable energy company Scatec ASA has sold its 52.5% equity share in the 40 MW Mocuba solar power plant in Mozambique to independent power producer Globeleq for $8.5m. Globeleq will be responsible for operations, maintenance, and asset management services for the power plant. The divestment will generate a net accounting gain of around $4m on a consolidated basis and $3m on a proportionate basis. The Mocuba solar power plant, commissioned in August 2019, has a 25-year power purchase agreement with state-owned utility EDM and an annual production of approximately 75 GWh.

What is the significance of Scatec ASA's sale of its equity share in the Mocuba solar power plant?

• Scatec ASA has sold its 52.5% equity share in the Mocuba solar power plant in Mozambique to Globeleq for $8.5m.
• Globeleq will now be responsible for the operations, maintenance, and asset management services of the power plant.
• The divestment will result in a net accounting gain of around $4m on a consolidated basis and $3m on a proportionate basis for Scatec ASA.
• The Mocuba solar power plant, which was commissioned in August 2019, has a 25-year power purchase agreement with state-owned utility EDM.
• The power plant has an annual production capacity of approximately 75 GWh.
• This sale signifies Scatec ASA's strategic decision to exit its equity share in the Mocuba solar power plant and focus on other renewable energy projects.
• Globeleq's acquisition of the equity share highlights its commitment to expanding its renewable energy portfolio and presence in Mozambique.
• The sale of the equity share will provide Scatec ASA with additional capital to invest in new renewable energy ventures.
• The Mocuba solar power plant will continue to contribute to Mozambique's renewable energy goals and reduce its reliance on fossil fuels.
• This transaction demonstrates the growing interest and investment in the renewable energy sector in Mozambique.