Globeleq Agrees to Purchase Additional Stake in Cote d'Ivoire Power Plant

Jun 01, 2010, 09:27 ET from Globeleq Advisors Limited

LONDON, June 1 /PRNewswire/ -- Globeleq Generation Limited, the emerging markets power company, has signed an agreement with ABB Equity Ventures B.V. to acquire additional interest in the Azito gas-fired power plant near Abidjan in Cote d'Ivoire. Earlier in the year, Globeleq signed an agreement with the EDF Group to acquire its shareholding in Azito.

The company has agreed to acquire ABB's 32.85% interests in Azito Energie, including its 50% interest in the related operating company responsible for the operation and maintenance of the plant. The facility generates approximately 290 MW and supplies to the national grid over one-third of essential electricity to the country through the privately owned electricity company, CIE. The plant operates under a 24 year concession.

In co-operation with the Government of Cote d'Ivoire and Azito's remaining shareholder, IPS, Globeleq is leading a project to expand and convert the existing plant from a single-cycle power plant to a more efficient combined cycle power plant. This will provide further capacity without the need for additional fuel and will increase the total capacity at the plant to approximately 420 MW.

Mikael Karlsson, Globeleq's CEO remarked: "Upon completion of the transactions, Globeleq will obtain majority ownership of a quality asset in the African power industry." He added: "There is a need for continual investment in established power facilities to focus on reliability, best practices and increasing capacity to support the social and economic growth of emerging markets. Globeleq's involvement in the proposed expansion of Azito will provide additional clean, affordable and fuel efficient power to the national grid of Cote d'Ivoire."

Globeleq has held an interest in Azito Energie since 2003 and has participated as a member of the Azito Energie Board. The agreed transaction price with ABB will not be disclosed.

About Globeleq Generation Limited

Globeleq is an experienced operating power company, actively developing energy solutions for the emerging markets of Africa, the Americas and Asia. The company develops economically sustainable projects that support the continued development of the electric power sector in these regions. For more information go to www.globeleq.com.

SOURCE Globeleq Advisors Limited



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