CDC/Norfund swoop on Globeleq as DFIs seek more hands-on role

With private equity (PE) and other funds lining up to buy into the African electricity supply industry, ownership of UK developer Globeleq Africa is passing to Norfund and UK development finance institution (DFI) CDC. The deal includes a cash payment of about $225m to current owner UK PE investor Actis Infrastructure 2 Fund. By giving CDC a 70% stake and Norfund 30%, the DFIs will take direct control of Globeleq, pending government and other third party consents.