Globeleq acquires 300 MW of gas and oil capacity in Cameroon

• 9 years ago (2014-06-17)
• Junior Isles

Africa 303

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Globeleq, sub-Saharan Africa’s leading independent power generator, has acquired a majority interest in over 300 MW of natural gas and oil generation capacity in Cameroon.

Globeleq has completed the acquisitions through its majority owned independent power generation companies, Kribi Power Development Corporation and Dibamba Power Development Corporation. The Republic of Cameroon will retain its existing shareholding in both generation companies.

Kribi Power Development Corporation will own and operate the 216 MW natural gas-fired Kribi plant, while the 86 MW heavy fuel oil fired Dibamba facility will be operated by Power Development Corporation.

Both plants will sell electricity to Societe Nationale d'Electricite (Sonel), the Cameroonian national integrated utility company, under 20 year-long power purchase agreements.

Including these two new plants, Globeleq now has more than 1.2 GW of capacity operational or under construction in five sub-Saharan countries. Its three renewable energy facilities in South Africa launched commercial operations in April 2014 and a 139 MW expansion of the Azito facility in Côte d'Ivoire remains on schedule for commissioning in 2015.

"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,” said Globeleq's CEO Mikael Karlsson.

“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.”