Scatec divests equity share in 40 MW solar PV project in Zambezia

Scatec ASA has announced an agreement with Globeleq, wherein Scatec will sell its 52.5% equity share in the 40 MW Mocuba solar power project, located in Mozambique's Zambézia Province, for a total of US$8.5 million. The sale aligns with Scatec ASA's strategic goals and aims to optimize its investment portfolio.

As part of the transaction, Globeleq will take over the responsibility for operations and maintenance as well as asset management services for the Mocuba solar farm. Globeleq has a power production capacity exceeding 2.1 GW in operation or under construction throughout the region.

The sale of Scatec ASA's majority stake is projected to generate a net accounting gain of approximately US$4 million on a consolidated basis and US$3 million on a proportionate basis. The final accounting effects will be determined upon the closing of the transaction. The completion of the agreement is dependent on customary consents and is anticipated to conclude in the first half of 2024.