Scatec closes sale of 40 MW solar plant in Mozambique

Scatec ASA has closed the divestment of its 52.5% equity share in the 40 MW Mocuba solar power plant in Mozambique to Globeleq for USD 8.5 million. The transaction will generate a net accounting gain of approximately USD 4 million on a consolidated basis and USD 3 million on a proportionate basis.

The Mocuba solar power plant, situated in Mozambique's Zambézia Province, commenced operations in August 2019. With an annual output of around 75 GWh, the project holds a 25-year Power Purchase Agreement (PPA) with the state-owned utility, EDM.

In the course of this transaction, Globeleq is set to take on the responsibilities for operations and maintenance, as well as asset management services for the power plant. Globeleq operates as an independent power producer in Sub-Saharan Africa, boasting a power production capacity exceeding 2.1 GW either in operation or under construction. The company is predominantly owned by British International Investment (70%) and Norfund (30%).