Globeleq Expands Power Business in Nigeria

Image: Globeleq

Leading independent power generation company Globeleq will acquire a 74% majority equity stake in CPGNL Limited, an existing Nigerian power business, with the remaining 26% shares to be retained by the current owner of the business, Clean Energy Group. CPGNL will now be rebranded to Globeleq Power Solutions Nigeria Limited.

Globeleq’s vision aligns with the Federal Government’s recent agenda to veer away from mainstream oil usage and towards cleaner, safer power solutions provided by a gas-oriented economy.

With existing assets that cater to commercial and industrial customers primarily in the southwest of the country, CPGNL boasts a portfolio of 12 operating plants (58MW total capacity), three plants under construction (9MW total capacity) and roughly 100MW of projects in the pipeline.

“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,” said Fabio Borba, Managing Director of Globeleq. “This all helps to produce a flow of capital that supports jobs, improves lives and aids transformation of the economy.”

“Commercial and industrial manufacturers will have more sustainable options to connect their businesses,” said Mike Scholey, CEO of Globeleq. “Our investment will drive growth and support the Federal Government’s industrialization agenda. We look forward to welcoming the new team into the company and bringing together the best of our organizations.”

In addition to driving investment into the domestic power sector, Globeleq aims to reduce Nigeria’s carbon footprint by upgrading existing operations with solar-powered elements and introducing new, more environmentally friendly technologies.

“We are very excited about Globeleq’s entry into the business. We are confident we will deliver competitive, environmentally positive solutions to the growing demand in Nigeria, particularly given Globeleq’s extensive experience and track record across the continent,” added Dipi Khilnani, Chairman of Clean Energy Holdings. “As a business, we have always had a strong commitment to the development of Nigeria, and this investment significantly strengthens our capability.”