GLOBELEQ LAUNCHES 2023 SUSTAINABILITY REPORT

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LONDON, June 18, 2024 /PRNewswire/ -- Globeleq, the leading independent power producer in Africa, has released its 2023 Sustainability Report. This report details Globeleq's performance across seven African countries where the Group produced over 7,000 GWh's of electricity, reaching 8.8 million consumers and supporting 181,971 jobs over the past year.

Globeleq now owns and operates 17 power plants in Africa generating just under 1.8 GWs of power. The Group is also building a major IFC-backed and Paris-aligned 450 MW gas-to-power plant at Temane in Mozambique which will start generating power over the next few months. In Kenya, construction of Globeleq's first geothermal project at Menengai is underway after the project reached financial close at the end of 2023.

Last year, the Group acquired a 41 MW solar PV plant at Mocuba in Mozambique and the 25 MW Winnergy solar PV plant in Egypt, adjacent to its ARC solar PV plant. Globeleq also completed the 253 MW Phase IV expansion of its Azito power plant, which is now the largest power plant in Côte d'Ivoire, and began operations at the 19 MW Cuamba plant, the Group's first ever combined solar PV and battery storage plant.

Other highlights in 2023 included:

• An exceptional safety performance with a Reportable Incident Rate of 0 per 200,000 working hours in operations, a rate of 0.026 in construction and no lost-time accidents anywhere in 2023.
• 992,000 tonnes of CO2e avoided through Globeleq's renewable electricity generation.
• US$3.1 million invested in socio-economic development projects reaching 129,700 people.
• 496 people employed with 98% being from the African country where they work.
• 27% female workforce with women filling 32% of senior management positions.

Globeleq announced in May 2024 that Mike Scholey, Chief Executive Officer, will be leaving the Group at the end of June 2024 and will be replaced by Jonathan Hoffman, currently Chief Development Officer, as Interim CEO from 1 July 2024.

Mike Scholey, CEO of Globeleq, said today:

"I am pleased to report another year of good progress for Globeleq in 2023. We recorded an industry-leading safety performance which is a tribute to the culture that we have embedded in the Group. Elsewhere our portfolio continues to expand in our key countries of operation giving us an unrivalled position in the African power sector. With our construction projects moving ahead swiftly, the Group is in a strong position to make further progress this year and into 2025."

About Globeleq

Globeleq, which is owned 70% by British International Investment and 30% by Norfund, is the leading developer, owner and operator of electricity generation in Africa. Since 2002, its experienced team of professionals have built a diverse portfolio of independent power plants, generating 1,794 MW in 17 locations across seven countries, with a further 485 MW in construction and more than 2,000 MW of power projects in development.

More details at www.globeleq.com.

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