Globeleq, an independent power generation company, has announced that it has acquired a 74-percent majority stake in an existing Nigerian power business called CPGNL Limited.
As a result of this development, CPGNL Limited will be rebranded as Globeleq Power Solutions Nigeria Limited while the previous owner of the business, Clean Energy Group, will retain 26 percent of the shares.
CPGNL Limited’s current assets portfolio includes 12 operating plants with a total capacity of 58MW, three plants under construction (9MW total capacity) and about 100MW of projects in development which serve commercial and industrial customers mostly in South-West Nigeria.
“This investment demonstrates our commitment to look beyond the conventional generation methods and provide cleaner, more reliable electricity solutions directly to industries in the country,” said Fabio Borba, managing director at Globeleq, who led the transaction.
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Globeleq’s entry will provide additional investment to develop and grow the existing pipeline of projects, drive operational excellence and set up the business towards a low carbon future.
Borba noted that the acquisition of 74 percent stake in CPGNL Limited would help to produce a flow of capital that supports jobs, improves lives and aids transformation of the economy.
Mike Scholey, Globeleq’s CEO, said the commercial and industrial manufacturers would have more sustainable options to connect their businesses as more investment will drive growth and support the government’s industrialisation agenda.
“We look forward to welcoming the new team into the company and bringing together the best of our organisations,” Scholey said.
Dipi Khilnani, chairman, Clean Energy Holdings, is confident the company would deliver competitive, environmentally positive solutions to the growing demand in Nigeria, particularly given Globeleq’s extensive experience and track record across the continent.
“As a business, we have always had a strong commitment to the development of Nigeria and this investment significantly strengthens our capability,” Khilnani said.
Launched in 2002, Globeleq was active for a time in Latin America and Asia, before focusing on Africa. Over the years, it has built up a solid portfolio: it is the operator of 13 power plants in five countries — Côte d’Ivoire, Cameroon, Tanzania, Kenya, and South Africa — with an installed capacity of 1,413 MW.
It is the operator of the 460 MW Azito gas-fired power plant in Côte d’Ivoire, which provides 25 percent of the country’s electricity. It also operates the Kribi gas-fired power plant and the Dibamba oil-fired plant in Cameroon, with a total capacity of 304 MW.
