Globeleq Increases its Stake in Cote d’Ivoire Power Plant

LONDON, April 16 /PRNewswire/ -- Globeleq Generation Limited, the emerging markets power company, has signed with the EDF Group an agreement to acquire an additional interest in the Azito gas-fired power plant near Abidjan in Cote d'Ivoire.

The company has agreed to acquire EDF Group's 32.85% interests in Azito, including its 50% interest in the related operating company responsible for the operation and maintenance of the plant.  The facility generates approximately 290 MW and supplies over one-third of essential electricity to the country through the privately owned electricity company, CIE, for transmission to the national grid.

The shareholders of Azito Energie and the Government of Cote D'Ivoire are working together to develop a project to expand and convert the existing plant from a single-cycle power plant to a more efficient combined cycle power plant.  This will provide further capacity without the need for additional fuel and will increase the total capacity at the plant to approximately 420 MW.

Globeleq has held an interest in Azito since 2003 and has participated as a member of the Azito Energie Board.  Globeleq's CEO, Mikael Karlsson commented:  "We have always valued the Azito plant as part of our portfolio.  This agreement confirms our ongoing commitment to the region and supports the company's strategy to become the leading power company in Africa.  The proposed expansion of the facility provides an opportunity to supply additional clean, affordable and fuel efficient power to the country."  

About Globeleq Generation Limited

Globeleq is an experienced operating power company, actively developing energy solutions for the emerging markets of Africa, the Americas and Asia. The company develops economically sustainable projects that support the continued development of the electric power sector in these regions. For more information go to www.globeleq.com

SOURCE Globeleq Generation Limited