CHANGE OF CHIEF EXECUTIVE OFFICER

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Apr 29, 2024, 03:00 ET

LONDON, April 29, 2024 /PRNewswire/ -- The Board of Globeleq, the leading independent power company in Africa, and its shareholders announce that Jonathan Hoffman, currently Chief Development Officer, has been appointed interim Chief Executive Officer (CEO) of Globeleq. Jonathan replaces Mike Scholey who will be stepping down from Globeleq at the end of June 2024. Mike is taking up a new role with an entrepreneurial venture and full details of this appointment will be announced at a later date.

Jonathan Hoffman joined Globeleq in 2010 and has been Chief Development Officer since 2020. He has led the development and investment team as they have secured deals and new investments across Africa including, most recently, the award of Red Sands, the largest standalone battery storage project on the continent. Jonathan has over 20 years of experience in the power sector having worked previously for ABB Energy Ventures and for InfraCo which he co-founded.

Mike Scholey has been CEO of Globeleq since January 2020 having previously been the Group's Chief Operating Officer and Chief Financial Officer. During his time at Globeleq, Mike has been instrumental in sealing multiple deals, growing Globeleq by over 900MW, as well as improving performance at our operating assets across Africa.

Laurence Mulliez, Chair of Globeleq, said today:
"Mike has been a vital part of Globeleq's success over the past 9 years as a senior leader and as CEO for the past 4 and a half years. He led the company through the challenges of the Covid pandemic but also took the company into new technologies, new countries and continued to build Globeleq's reputation in Africa.

Through Mike's leadership, Globeleq now has a portfolio of assets producing 1,800 MW of power across Africa with a further 500 MW under construction and an exciting pipeline of growth opportunities across the continent. I am pleased that Mike has agreed to chair Globeleq's Investment Committee over the coming months to provide continuity during this interim period.

"I am very pleased that Jonathan has agreed to become interim CEO of Globeleq. His appointment provides the business with important continuity over the coming months while the Board and shareholders consider a permanent replacement for Mike. Jonathan has 14 years of experience at Globeleq where he has originated and delivered investments and built teams that have created substantial value for the Group. With the Group performing well and myriad opportunities for growth, I am certain that Globeleq will thrive under Jonathan's leadership."

Nick O'Donohoe, Chief Executive of British International Investment, also commented:
"Mike leaves Globeleq with our very best wishes and thanks for nine years of hard work. Mike joined Globeleq as BII became direct investors and he has been a critical part of the Group's evolution into Africa's leading Independent Power Producer. All of us at BII know Jonathan very well after his many successful years with Globeleq and the part he has played in the group's growth. We look forward to working with him as interim CEO of Globeleq."

Tellef Thorleifsson, CEO of Norfund, added:
"Globeleq is a key part of the Norfund portfolio, and we thank Mike for his stewardship of this important investment over the past nine years. We know Jonathan well and wish him all good fortune as he steps up to become interim CEO."

About Globeleq
Globeleq, which is owned 70% by British International Investment and 30% by Norfund, is the leading developer, owner and operator of electricity generation in Africa. Since 2002, its experienced team of professionals have built a diverse portfolio of independent power plants, generating 1,794 MW in 17 locations across seven countries, with a further 485 MW in construction and more than 2,000 MW of power projects in development.

More details at www.globeleq.com.

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