Renewable energy independent power generation company in Africa Globeleq is expanding into the Nigerian energy market. The company is acquiring a 74% majority equity stake in an existing Nigerian power business called CPGNL Limited (CPGNL), which will be rebranded as Globeleq Power Solutions Nigeria Ltd.
Our investment will drive growth and support the Government’s industrialization agenda
Globeleq’s CEO, Mike Scholey
The current owner of the business, the Clean Energy Group, will retain the remaining 26% shares.
“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” Fabio Borba, Managing Director at Globeleq
CPGNL has a portfolio of assets which serve commercial and industrial customers mostly in the southwest of Nigeria. These include 12 operating plants with a total capacity of 58 MW, three plants in construction (9 MW total capacity), as well as approximately 100 MW of projects in development.
Globeleq investment align with Nigeria’s energy plan
The Federal Government of Nigeria is looking to reduce the country’s overdependence on burning oil to produce electricity. Globeleq’s entry into Nigeria aligns with the country’s energy vision. Nigeria seeks to have 10% of its energy capacity come from renewable sources by 2025, according to the Nigeria Renewable Energy Master Plan (REMP).
Globeleq’s entry will provide additional investment to develop and grow the existing pipeline of projects, drive operational excellence and set up the business towards a low carbon future.
Upcoming technical improvements to the existing operations of and implementing new technology will focus on efficiency and reducing the carbon footprint by displacing diesel and introducing solar generation elements.
Globeleq’s CEO, Mike Scholey says commercial and industrial manufacturers will have more sustainable options to connect their businesses. “We look forward to welcoming the new team into the company and bringing together the best of our organizations” added Scholey.
“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. As a business we have always had a strong commitment to the development of Nigeria and this investment significantly strengthens our capability,” Dipi Khilnani, Chairman of Clean Energy Holdings commented.
