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Thursday, June 24, 2021
Home Uncategorized Globeleq acquires 74 % equity in Nigerian power firm

Globeleq acquires 74 % equity in Nigerian power firm

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Globeleq, an independent power generation company in Africa, has confirmed the acquisition of a 74 per cent majority equity in an existing Nigerian power firm, CPGNL Limited (CPGNL), which will be rebranded as Globeleq Power Solutions Nigeria Limited.

The current owner of CPGNL, the Clean Energy Group, will retain the remaining 26 per cent shares in CPGNL.

CPGNL has a portfolio of assets which serve commercial and industrial customers mostly in the southwest of Nigeria.

It includes 12 operating plants with a total capacity of 58 MW, three plants in construction (9 MW total capacity), as well as approximately 100 MW of projects in development.

The local CPGNL team’s depth of knowledge will complement the existing expertise at Globeleq and provides an immediate operational presence in the country.

Since 2002, its experienced team of professionals have built a diverse portfolio of independent power plants, currently generating more than 1,400 MW in 13 locations across 6 countries, around 300 MW in construction in Cote d’Ivoire and Kenya, and a further 2,000 MW of power projects in development.

Globeleq Managing Director, Fabio Borba, who led the transaction, noted: “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.  This all helps to produce a flow of capital that supports jobs, improves lives and aids transformation of the economy.”

Globeleq’s Chief executive officer, Mike Scholey added: “Commercial and industrial manufacturers will have more sustainable options to connect their businesses.  Our investment will drive growth and support the Government’s industrialization agenda. We look forward to welcoming the new team into the company and bringing together the best of our organizations.”

Chairman of Clean Energy Holdings, Dipi Khilnani, stated: “We are very excited about Globeleq’s entry into the business. We are confident we will 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.”

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