GLOBELEQ COMPLETES ITS ACQUISITION OF THE MOCUBA SOLAR PV PLANT IN MOZAMBIQUE

LONDON and MAPUTO, Mozambique, Dec. 28, 2023 /PRNewswire/ -- Globeleq, the leading independent power company in Africa, has completed its acquisition of a 52.5 % stake and a 22.5% stake in the 41 MW Central Solar de Mocuba solar PV power plant (Mocuba) in Mozambique from Scatec ASA and KLP Norfund respectively. Electricidade de Moçambique (EDM), the national power company of Mozambique, continues to hold the remaining 25% stake in the plant.

This acquisition significantly expands Globeleq's renewable energy footprint in Mozambique and comes just weeks after the company successfully started commercial operations at its 19MW solar and 7MWh energy storage project at Cuamba. Mocuba also represents an important addition to Globeleq's solar PV portfolio in Africa which now has capacity of close to 400 MW across South Africa, Egypt, Kenya and Mozambique.

Elsewhere in Mozambique, Globeleq is constructing a major 450 MW gas-to-power project at Temane which will substantially expand the Mozambican national grid when it starts to produce power at the end of 2024. This will provide vital baseload power to support and enable additional renewable power projects. At the same time, the Temane Transmission Project is constructing a 563km, 400kV transmission line which will provide a vital link to the Southern section of the Mozambican national grid. Globeleq is also making good progress with its 120 MW wind project at Namaacha, near Maputo, which is expected to reach financial close in 2024.

Mike Scholey, Globeleq's CEO commented:
"We are steadily building a major business in Mozambique in solar, wind and gas-to-power of which this acquisition at Mocuba is just the latest addition. Mocuba is an excellent fit within our pan-African solar portfolio and I welcome our new colleagues from the plant to Globeleq. 2024 promises to be a critical year for Globeleq in Mozambique as the Temane gas-to-power plant moves towards commercial operations and the Namaacha project, the country's first wind power project, is expected to reach financial close by mid-2024."

About Globeleq
Globeleq, which is owned 70% by British International Investment and 30% by Norfund, is the leading developer, owner and operator of electricity generation in Africa. Since 2002, its experienced team of professionals have built a diverse portfolio of independent power plants, generating 1,769 MW in 16 locations across seven countries, with a further 488 MW in construction and more than 2,000 MW of power projects in development.
More details at www.globeleq.com.

About Mocuba 
The Mocuba power plant is located on 126 hectares in a rural setting around 13km from the city of Mocuba in Zambezia province in central Mozambique. The project reached financial close in March 2018 and construction was completed in August 2019. EDM is the off-taker through a 25-year power purchase agreement with the electricity produced being supplied into the Mozambican national grid. The International Finance Corporation (IFC) and the Emerging Africa Infrastructure Fund (EAIF) are lenders to the project.

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