Globeleq grows stake in West African power plant

The portfolio company of emerging markets private equity and infrastructure investor Actis has acquired the shareholdings of EDF Group and ABB Equity Ventures in the Azito gas-fired power plant in Abidjan, Cote d’Ivoire.

Globeleq has increased its stake in the Azito power plant in the West African nation of Cote d’Ivoire through the purchase of interests from EDF Group, the French energy company, and ABB Equity Ventures, an investment arm of Swiss power firm ABB.

Actis, the private equity and infrastructure investor which owns Globeleq, said it would not be disclosing financial details of the transactions.

Globeleq has held an interest in Azito since 2003, and is leading a project to expand and convert the existing plant from a single-cycle plant to a more efficient combined cycle power plant. According to Actis, this will increase capacity by 50 percent without the need for additional fuel and with no rise in CO2 emissions.

Torbjorn Caesar, co-head of infrastructure at Actis, said in a statement: “The Azito facility supplies over one-third of the electricity to Cote d’Ivoire. Globeleq’s acquisition of a majority position in the plant enables it to implement its expansion strategy and service the needs of the rapidly growing African consumer population.”   

Globeleq develops energy solutions in the emerging markets of Africa, the Americas and Asia. In Africa it owns and operates Songas, a 190-megawatt gas-fired indepedendent power producer (IPP) in Tanzania, and has an interest in Tsavo, a 74-megawatt heavy fuel oil-fired IPP in Kenya.

Actis invests in Asia, Africa and Latin America and has $4.7 billion in funds under management. It closed its $752 million Actis Infrastructure 2 fund in 2009.