Globeleq Acquires Cameroon Generation Assets

LONDON, June 16, 2014 /PRNewswire/ -- Globeleq, the leading independent power generation company in sub-Saharan Africa, has completed the acquisition of majority interest in more than 300 MW of generation capacity in Cameroon.

Through Globeleq's majority owned independent power generation companies, Kribi Power Development Corporation and Dibamba Power Development Corporation, the company will own and operate the 216 MW natural gas-fired Kribi and the 86 MW HFO-fired Dibamba facilities. Both plants sell electricity to Societe Nationale d'Electricite (Sonel), the national integrated utility company, under 20 year power purchase agreements.  The Republic of Cameroon retains its existing shareholding in the generation companies.  Globeleq is wholly owned by Actis, the pan emerging markets fund manager, which also completed an acquisition of a majority stake in Sonel.

Commissioned in 2013 and located in southern Cameroon, Kribi uses offshore natural gas and currently supplies base load generation to the grid using 13 x Wartsila 18V50 DF generating sets.  A 330 MW expansion of the plant is being planned.  Originally designed to provide electricity during times of peak demand, Dibamba became fully operational in 2009.  The plant is located approximately 20 km to the east of Douala and uses 8 x Wartsila 18V38A generating sets.

With the addition of these assets, Globeleq has more than 1.2 GW in operation or under construction in five countries in sub-Saharan Africa. Its three renewable energy facilities in South Africa reached commercial operations during in April 2014 and the 139 MW expansion of the Azito facility in Cote d'Ivoire remains on schedule for commissioning in 2015.

Mikael Karlsson, Globeleq's CEO said: "Our extensive experience owning and operating electricity generation assets in 26 countries is outstanding.  Dibamba and Kribi are the only two independent power projects in Cameroon and we are really excited to be an active participant in the country's power sector and contributing to economic development. These quality assets add significant capacity to the company's existing platform in the region, further establishing Globeleq as the leading private power company in Africa."

Chris Ford, Head of Asset Management for Globeleq Africa added: "Globeleq has been active in Africa for many years and has a proven track record owning and operating power assets all over the world.  We look forward to providing the country with reliable and affordable electricity and support the ongoing growth of the electricity sector in Cameroon."

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SOURCE Globeleq