Norwegian Independent Power Producer (IPP) Scatec has announced the sale of its stake in the 40 MWp Mocuba solar power plant in Mozambique. These assets have been taken over by UK IPP Globeleq.
Globeleq’s portfolio is expanding in Mozambique. The London, UK-based independent power producer (IPP) has acquired Norwegian company Scatec’s stake in the Mocuba solar photovoltaic plant. Due for commissioning in 2019, the 40 MW facility is located in the province of Zambézia, in the east of Mozambique.
Mocuba is one of the first photovoltaic installations to be built in Mozambique. Scatec holds a 52.5% stake. The remaining shares are held by the state-owned Electricidade de Mozambique (25%) and KLP NORFUND Investments (22.5%), a financial institution owned by the Oslo, Norway-based insurance company Kommunal Landspensjonskasse (KLP) and the Norwegian Investment Fund for Developing Countries (NORFUND).
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This is the second time in less than six months that Scatec has sold its solar power plant assets in Africa. In February 2023, the IPP led by Terje Pilskog divested its entire 40% stake in the 258 MWp Upington solar complex in South Africa. The sale of its stake in the Mocuba solar power plant in Mozambique “is in line with our portfolio optimisation strategy, which includes the disposal of smaller assets in non-priority markets. The sale will free up capacity for our target markets and capital for new investment in renewable energy,” explains Terje Pilskog.
By acquiring Scatec’s assets in the Mocuba solar park for 8.5 million dollars, Globeleq is strengthening its position on the African energy scene by continuing to develop its assets in several countries. Pending completion of the transaction with Scatec in the first half of 2024, Globeleq is continuing construction of its 19 MWp (15 MWac) Cuamba solar photovoltaic power plant. The plant will be equipped with a 2 MW (7 MWh) storage system.
Jean Marie Takouleu
