Renewable energy company Scatec ASA, headquartered in Norway, has successfully divested its 52.5 percent equity share in the 40 megawatts Mocuba solar power plant in Mozambique to independent power producer Globeleq. The transaction, valued at $8.5 million, generates a net accounting gain for Scatec ASA. Globeleq will take over operations and maintenance and asset management services for the solar power plant, located in the Zambézia Province of Mozambique, commissioned in August 2019 with a twenty five-year Power Purchase Agreement with the state-owned utility EDM. Globeleq, majority-owned by British International Investment and Norfund, holds over 2.1 gigawatts of power production capacity in Sub-Saharan Africa.
Scatec ASA's divestment aligns with its strategy to optimize the portfolio, focusing on key markets. The CEO expressed satisfaction with the deal, emphasizing its value-enhancing nature and the opportunity to allocate resources to targeted markets for new ventures in renewable energy. The completion of the transaction marks a strategic move for Scatec ASA, positioning Globeleq as the future owner of the Mocuba solar power plant.