Leading African power generation company, Globeleq, has reportedly announced its acquisition of a majority stake of 74 per cent in Nigeria-based power company, CPGNL Limited. Following the takeover, the company’s existing owner, the Clean Energy Group, will hold on to the rest of the 26 per cent shares and CPGNL will be relaunched as Globeleq Power Solutions Nigeria Limited.
According to Globeleq’s Managing Director, Fabio Borba, this investment showcases the company’s commitment towards looking beyond the traditional methods of generation and offering cleaner and more dependable electricity solutions at first hand to industries within the boundaries of the country. Borba has further asserted that all this will generate a capital flow that would help in the improvement of lives, support jobs, as well as aid the transformation of the economy.
For the uninitiated, CPGNL Limited has an extensive asset portfolio that serves industrial and commercial clientele prominently in the southwest of Nigeria. The company’s assets essentially comprises of 12 operating plants having an overall capacity of 58 MW, three plants with a total 9 MW capacity that are under construction, and nearly 100 MW of projects in development.
The deal will reportedly bring in knowledge from CPGNL’s local team that will complement the existing expertise of Globeleq, in turn offer an immediate operational presence in Nigeria. Sources add that Globeleq’s entry into the country will furnish additional investment for the development and growth of the existing series of projects, further driving operational excellence, and setting up the business towards a low carbon future.
With regards to the acquisition, Clean Energy Holdings Chairman, Dipi Khilnani, has stated that the company is thrilled over Globeleq’s entry into the business. The Chairman has also asserted that the enterprise is confident of its capability to deliver environmentally positive and competitive solutions to the escalating demand in Nigeria, especially considering the extensive experience and track record of Globeleq across the continent.
As a business, the company has always had a strong commitment towards the development of Nigeria and this investment substantially strengthens the company’s capabilities, added Khilnani.