Independent power generation company Globeleq will take a 74% stake in Nigerian power business CPGNL Limited.

The company will be rebranded as Globeleq Power Solutions Nigeria Limited and the current owner of the business, Clean Energy Group, will retain 26% of the shares.

CPGNL has a portfolio of business serving commercial and industrial customer mostly in southwest Nigeria. These include 12 operating plants with a total capacity of 58MW, 3 plants under construction (9MW total capacity) and about 100MW of projects in development.

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

Dipi Khilnani, Clean Energy Holdings chairman said they are very excited about Globeleq’s entry into the business and confident they will be able to deliver competitive, environmentally positive solutions to the growing energy demand in Nigeria.

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

This article is reproduced at www.esi-africa.com