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Wednesday, June 18, 2014
Globeleq completed the acquisition of majority interest in more than 300 MW of generation capacity in Cameroon. The company has completed the acquisition of majority interest in more than 300 MW of natural gas and heavy fuel oil generation capacity in Cameroon through its majority owned independent power generation companies, Kribi Power Development Corp. and Dibamba Power Development Corp.
Through the acquisition 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. 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.
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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