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HomeAfricaGlobeleq announces the appointment of new Chairman and CEO

Globeleq announces the appointment of new Chairman and CEO

Globeleq (http://www.globeleq.com), the leading independent power producer (IPP) in sub-Saharan Africa, today announces the appointment of a new Chairman, CEO and other board positions.

Chair and CEO appointments: • Dr Reuel Khoza has been appointed Chairman of the Globeleq Board. He previously held chairmanships for Nedbank Group, Glaxo SmithKline SA, Corobrik (Pty) Ltd, and Eskom Holdings Ltd. Dr Khoza currently chairs Aka Capital (Pty) Ltd, an investment holding and private equity company. • Henry Aszklar, an energy industry expert with over 20 years of experience, has been appointed CEO of Globeleq. He has specialised in energy investments in emerging markets, including the development, acquisition and financing of IPP projects in Africa, Latin America and the US.

Other new appointments to the Globeleq Board of Directors include:

• Eddy Njoroge, the former CEO of Kenya Electricity Generating Company (KenGen) and current Chairman of Telkom Kenya. • Jean-Louis Ekra, the former Chairman and President of the African Export-Import Bank. • Eivind Reiten, an economist and former Norwegian Petroleum and Energy Minister. • Edward (Ned) Hall, an experienced energy industry professional who most recently served as Executive Vice President and Chief Operating Officer of Atlantic Power Corporation.

These appointments come as Globeleq enters its next phase of development under the direct ownership of CDC Group plc, the UK’s development finance institution (DFI), and Norfund, the Norwegian Investment Fund for Developing Countries. Having obtained the necessary government and lender consents, CDC and Norfund are now the sole shareholders of Globeleq with 70% and 30% holdings, respectively.

Under its new ownership, Globeleq aims to boost power generation to Africa by adding at least 5,000 megawatts (MW) of generating capacity over the next 10 years. This electricity will enable the creation of over 1.5 million new formal and informal jobs across Africa*. In order to achieve this, Globeleq will pursue earlier-stage development as well as other development and project expansion opportunities in power generation in Africa, including renewables.

Reuel Khoza, Globeleq Chairman said: “Africa’s industrial development is dependent on the availability of electricity. One cannot speak of mining, commercial agriculture and food security, ICT, or even health and education without energy. Electricity is, in very significant ways, a sine qua non for Africa’s socio-economic development.”

CDC Chief Executive, Diana Noble, said: “What is inspiring about this new chapter in Globeleq’s story is that it has the potential to be a truly transformational business that helps to bring reliable power to the lives of millions of people and their communities across sub-Saharan Africa.

“As an original founder of Globeleq in 2002, CDC is proud that, together with Norfund, our vision and resources will combine with the new CEO, Board and high-calibre Globeleq team to deliver on a strategy to develop significant power generation capacity over the course of the next decade and beyond.”

Norfund Chief Executive, Kjell Roland, said: “Inadequate and unreliable power supply is a major constraint on economic and social development in sub-Saharan Africa. An investment in Globeleq is strategically important for Norfund as investing in energy in sub-Saharan Africa is one of our main focus areas. Together with CDC, our long-term plan is to strengthen Globeleq as an industrial energy developer in a market with significant regional growth potential. Based on the combination of financial capacity, industrial expertise, local partnerships and collaboration with authorities, CDC and Norfund are ready and eager to expand power production in Africa and widen our technology choice.”

*Based on the co-causal positive correlation between growth in electricity consumption, GDP and employment across the whole economy, in CDC’s existing portfolio of electricity investments in Africa and South Asia in 2014, using CDC’s Job Creation Methodology (Annual Review 2014).

For more information please contact:

Chris Salt, Headland Consultancy [email protected] +44 207 367 5224 / +44 7798 683 114

Dan Smith, Headland Consultancy [email protected] +44 207 6378219 / +44 7880 200 975

More photos: http://www.apo.af/BszDX5

Notes to Editors


• Dr Reuel Khoza is Chairman of Aka Capital (Pty)Ltd, an investment holding and private equity company; a former chairman of the Nedbank Group, Glaxo SmithKline SA, Corobrik (Pty) Ltd, and Eskom Holdings Ltd (The South African Power Utility: 1997-2005). Dr Khoza is currently a director of Nampak Ltd and Sasol Oil. Dr Khoza is also President and Fellow of the Institute of Directors SA and Charter Director (CD SA); an author of several books on business leadership and corporate governance. • Eddy Njoroge is the former CEO of Kenya Electricity Generating Company (KenGen), where he spearheaded the transformation of the company from a parastatal to a publicly listed company. From 2008 to 2012, he was the President of the Union of Producers and Distributors of Electric Power in Africa. He currently serves as Chairman of Telkom Kenya and of the Nairobi Securities Exchange and is a board member of CfC Stanbic Bank, Real Insurance Ltd and Proctor & Allan among other companies. • Jean-Louis Ekra is the former Chairman and President of the African Export-Import Bank. Mr Ekra joined the bank in 1996 as Senior Executive Vice President. He started his banking career with Citibank, subsequently served as Partner of DKS Investment in Jersey, Country Manager for the West African Economic and Monetary Union (UEMOA) at Meridien BIAO and Managing Director of the Ivorian Post Office. He was, in 2010, awarded the Officier de l’Ordre National of Ivory Coast. Mr. Ekra holds an MBA from the Stern School of Business, New York and a Maîtrise en Sciences Economiques from the University of Abidjan, Côte d’Ivoire. • Eivind Reiten, an economist and former member of the Norwegian government, is currently advising the Norwegian and other governments on energy related issues. He served for several years in the Norwegian government, latterly as Petroleum & Energy Minister, before serving as CEO of Norsk Hydro until 2009. He currently sits on the boards of EWOS Holding, Constructor Group, Backe and Pangea and is an Advisor to Stena. • Edward (Ned) Hall is an experienced energy industry professional who most recently served as Executive Vice President and Chief Operating Officer of Atlantic Power Corporation, a NYSE listed power generation and distribution business. He had previously spent more than 24 years working in the energy sector at AES Corporation, a US listed global power company, holding multiple positions including Chief Operating Officer – Global Generation, President — North America, President — Wind Generation and MD Global Business Development.

The power deficit in Africa Only 32% of the population in the region has access to electricity — this is roughly the same stage as the US in 1920 and UK in 1929** — and progress is slow. For example, in the decade between 2000 and 2010, generation capacity in sub-Saharan Africa increased by a total of 6,000MW, whereas in China, the total electricity capacity increased by 8,000MW every month in 2010***.

** The Fourteenth United States Census , www.census.gov; and Hannah, L, Electricity Before Nationalisation, John Hopkins University Press, 1979. ***US EIA Historical Statistics for 1980-2010.

Globeleq Globeleq (http://www.globeleq.com) is an operating power company, actively developing energy projects across sub-Saharan Africa. It has eight major generating assets in Côte d’Ivoire, Cameroon, Kenya, South Africa and Tanzania with a total gross capacity of 1,237MW. The company develops electricity generating plants that support the continued development of the power sector in these regions and actively participates in the communities in which it operates.

In February 2015, CDC and Norfund announced their intention to take direct ownership and control of Globeleq, the leading independent power producer (IPP) in sub-Saharan Africa. Norfund acquired a significant minority stake in Globeleq from the Actis Infrastructure 2 Fund for a final cash consideration of US$227m. CDC, which already held a major indirect investment in Globeleq Africa via the Actis fund, concurrently sold a small part of its holding to Norfund and transferred its remaining majority stake into the new venture.

Download the the table ‘Globeleq Assets’: http://www.photos.apo-opa.com/plog-content/images/apo/photos/150915table.jpg


Norfund Norfund, the Norwegian Investment Fund for Developing Countries, was established by the Norwegian Parliament in 1997. Norfund’s objective is to contribute to the growth of sustainable commercial enterprises in developing countries. Norfund provides risk capital to private companies in selected countries and sectors. Norfund’s focus areas are the power sector, financial institutions and agribusiness, in addition to financing small and medium sized companies through investment funds.

Norfund has extensive energy sector expertise with direct and indirect investments in more than 50 power plants across emerging markets, supplying electric power equivalent to the demand of 9 million people. In 2002, Norfund and Statkraft jointly established SN Power, which is now one of the largest independent power producers (IPP) involved in hydropower in the developing world. Norfund currently has approximately US$0.7bn invested in power, representing approximately 50% of its portfolio. www.norfund.no

CDC CDC is the UK government-owned development finance institution that uses its own balance sheet to invest in the developing countries of Africa and South Asia. It has net assets of £3.4bn. CDC’s mission is to support the building of businesses in Africa and South Asia, creating jobs and making a lasting difference to people’s lives in some of the world’s poorest places. Under its strategy, announced in September 2012, CDC provides debt and equity directly to businesses as well as investing through funds.

CDC has identified power in Africa as a priority sector and early-stage development as the area with the greatest need for patient, catalytic investment. CDC founded Globeleq in 2002 and has remained a major investor in the company although its interest has been managed by Actis, a private equity fund manager, since 2004. CDC has been a major infrastructure investor in Africa for over 65 years, and has provided capital to over a third of all utility-scale IPP projects in sub-Saharan Africa, excluding South Africa. www.cdcgroup.com


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