Shining a New Light on Renewable Energy: Globeleq’s Strategic Acquisition of Mozambique’s Central Solar de Mocuba
In a move that underscores its commitment to renewable energy in Africa, Globeleq has announced a significant expansion of its solar energy portfolio with the acquisition of a majority stake in the Central Solar de Mocuba (Mocuba) solar farm in Mozambique. This strategic purchase sees Globeleq taking the helm with a 52.5% share from Scatec ASA and a further 22.5% from KLP Norfund. Meanwhile, Electricidade de Moçambique (EDM), Mozambique’s national power company, continues to hold a pivotal 25% stake in the plant, exemplifying a collaborative effort in the nation’s energy sector.
The Mocuba solar farm, boasting a substantial 41MW capacity, is not just a power plant; it’s a beacon of Globeleq’s growing solar footprint in Africa, which now proudly stands at nearly 400MW, spanning South Africa, Egypt, Kenya, and Mozambique. Mike Scholey, the CEO of Globeleq, expressed his enthusiasm about this venture, stating, “We are steadily building a major business in Mozambique in solar, wind, and gas-to-power, with Mocuba being the latest feather in our cap.”
He further added, “Mocuba perfectly aligns with our pan-African solar portfolio, and I am thrilled to welcome our new colleagues from the plant to Globeleq.” The year 2024 is shaping up to be a landmark year for Globeleq in Mozambique. The Temane gas-to-power plant is on track for commercial operations, and the Namaacha project, poised to be the country’s first wind power project, is expected to reach financial closure by mid-2024.
This move by Globeleq not only diversifies their energy portfolio but also plays a crucial role in spearheading sustainable and renewable energy initiatives in Africa, paving the way for a greener and more sustainable future.
Credits: [Image: Pixabay]