- Region: Africa
- Country: Regional
- Sector: Energy
- Year: 2014
- Domicile: Guernsey
- Instrument: Equity
- Commitment (MNOK) as of 31.12.2016: 1 989.2
- Original Commitment (MNOK): 1 989.2
Globeleq Africa* is a company that owns, operates and develops independent power projects in Africa. The company is head quartered in London and has operations in South Africa, Tanzania, Kenya, Cote d’Ivoire and Cameroon. The company is an industrial investor, aiming to take a controlling stake in the asset companies. Norfund has a 30% ownership in the comnpany. The company expects to develop, build and operate additional power plants across Sub-Saharan Africa..
Today, Globeleq is purely focused on building power generation in Africa*, and the eight major generating assets have a total gross capacity of 1,095MW. The company develops electricity generating plants that support the continued development of the power sector in these regions and actively participates in the communities in which it operates. Globeleq Africa's fuel sources are solar/wind, natural gas and oil.
While capital is available for later stage development to construct power plants in Africa once plans and agreements are in place, it can take over five years for projects to reach this point and many projects fail. Consequently, there is a shortage of investors and companies addressing the entire value chain of power project development, especially the early stage, and too few new power projects are coming online.
By addressing the bottleneck at early-stage development, Norfund and CDC aim to bring more projects to the construction phase and expand access to reliable electricity in the region. If successful, the new strategy will result in over 5,000MW of new generating capacity.
*Globeleq Mesoamerica Energy (GME) in Central America used to be part of the Actis Globeleq platform, but when Norfund and CDC took ownership of Globeleq Africa in 2015, GME remained with Actis ownership.