United Kingdom-based developer Globeleq announced on 11 January that will acquire a 74% stake in Nigeria commercial and industrial (C&I) power company CPGNL. CPGNL will be rebranded as Globeleq Power Solutions Nigeria Ltd and is Globeleq’s first investment in C&I. Current owner Clean Energy Group will own the remaining equity in the business.
CPGNL operates mostly in the southwest of Nigeria, where it has a portfolio of 12 operating plants with combined capacity of 58MW, three plants in construction totalling 9MW, and projects with around 100MW capacity in development.
“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”, Globeleq managing director Fabio Borba said. “This all helps to produce a flow of capital that supports jobs, improves lives and aids transformation of the economy.”
Image: Distributed power projects in Nigeria, African Energy Live Data
Tackling sovereign debt issues: understanding a volatile situation for power and other infrastructure
Join our first AIX online meeting of 2021 on 19 January. Topics to be addressed include:
- Is Africa really facing a new debt crisis?
- Are institutions and traditional business models still fit for purpose
- How do Chinese loans compare with other lenders
- Prospects for evolving existing structures or creating a new generation of debt relief packages
Book online or contact Lauren Andrews for more details.
