Agreement
Globeleq restructures board following new ownership

On Monday, Sub-Saharan independent power producer (IPP), Globeleq, announced the appointment of a new Chairman, CEO and other board positions.

These changes come as the IPP enters its next phase of development under the direct ownership of CDC Group, the UK’s development finance institution, and Norfund, the Norwegian Investment Fund for Developing Countries.

Board restructure

Henry Aszklar, an energy industry expert with over 20 years of experience has been appointed CEO, while Dr Reuel Khoza has been appointed Chairman of the Globeleq Board.

Globeleq said in a statement that additional elected board members include, Eddy Njoroge, former Kenya Electricity Generating Company (KenGen) CEO and current Chairman of Telkom Kenya. Jean-Louis Ekra, former Chairman and President of the African Export-Import Bank, Eivind Reiten, an economist and former Norwegian Petroleum and Energy Minister. Edward (Ned) Hall, an experienced energy industry professional who most recently served as Executive Vice President and Chief Operating Officer of Atlantic Power Corporation.

New ownership

Last week, it was announced that the sale and transfer of Globeleq Africa, a company owned by UK-based private equity firm Actis had been finalised.

The independent power producer (IPP) was sold to a company owned by Norfund, the Norwegian investment fund for developing countries, and the UK state development finance institution, CDC Group.

CDC and Norfund, now the sole shareholders of Globeleq, own a share of 70% and 30%,respectively.

The IPP plans to add an additional 5,000MW over the next ten-years under the new ownership.

This objective will be achieved by driving earlier-stage development as well as additional development and project expansion opportunities across the continent.

Remarks from the new Board

Reuel Khoza, Globeleq Chairman commented: “Africa’s industrial development is dependent on the availability of electricity. One cannot speak of mining, commercial agriculture and food security, ICT, or even health and education without energy. Electricity is, in very significant ways, a sine qua non for Africa’s socio-economic development.”

CDC Chief Executive, Diana Noble, said: “What is inspiring about this new chapter in Globeleq’s story is that it has the potential to be a truly transformational business that helps to bring reliable power to the lives of millions of people and their communities across sub-Saharan Africa.

“As an original founder of Globeleq in 2002, CDC is proud that, together with Norfund, our vision and resources will combine with the new CEO, Board and high-calibre Globeleq team to deliver on a strategy to develop significant power generation capacity over the course of the next decade and beyond.”

Norfund Chief Executive, Kjell Roland, said: “Inadequate and unreliable power supply is a major constraint on economic and social development in sub-Saharan Africa. An investment in Globeleq is strategically important for Norfund as investing in energy in sub-Saharan Africa is one of our main focus areas.

“Together with CDC, our long-term plan is to strengthen Globeleq as an industrial energy developer in a market with significant regional growth potential.  Based on the combination of financial capacity, industrial expertise, local partnerships and collaboration with authorities, CDC and Norfund are ready and eager to expand power production in Africa and widen our technology choice.”