Scatec closes sale of solar power plant in Mozambique to Globeleq

29 December 2023: Scatec ASA, a leading renewable energy company in emerging economies, has today 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 (NOK 86 million).

“We are pleased to have closed this transaction, which is in line with our strategy to optimise our portfolio including the divestment of smaller assets in non-focus markets,” says Scatec CEO Terje Pilskog. “The transaction’s success will free up resources for our targeted markets and generate funds for fresh ventures in renewable energy. We are delighted to have completed a value-enhancing deal and have full confidence that Globeleq will be a good owner of the asset in the future.  I would like to thank the Government of Mozambique, Electricidade de Moçambique and our team who worked on the project delivering electricity to the nation.”

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.

Globeleq is an independent power producer in Sub-Saharan Africa, with over 2.1 GW power production capacity in operation or under construction. The company is owned 70% by British International Investment and 30% by Norfund.

The Mocuba solar power plant is located in the Zambézia Province of Mozambique and was commissioned in August 2019. The project has an annual production of approximately 75 GWh and holds a 25-year PPA with the state-owned utility, EDM. As part of the transaction, Globeleq will assume responsibility for operations & maintenance and asset management services for the power plant.

For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686,
For media: Meera Bhatia, SVP Communications & Government Affairs, phone: +47 468 44 959,