Earlier in the year, Globeleq signed an agreement with EDF to acquire its shareholding in Azito. The company has agreed to acquire ABB’s 32.85% interests in Azito Energie, including its 50% interest in the related operating company responsible for the operation and maintenance of the plant.
The facility has a power generating capacity of approximately 290MW and supplies to the national grid over one-third of electricity to the country through CIE, an electricity company. The plant operates under a 24 year concession.
In co-operation with the Government of Cote d’Ivoire and Azito’s remaining shareholder, IPS, Globeleq said that it is leading a project to expand and convert the existing plant from a single-cycle power plant to a combined-cycle plant. This will provide further capacity without the need for additional fuel and will increase the total capacity at the plant to approximately 420MW.
Mikael Karlsson, CEO of Globeleq, said: “Upon completion of the transactions, Globeleq will obtain majority ownership of a quality asset in the African power industry.
“There is a need for continual investment in established power facilities to focus on reliability, best practices and increasing capacity to support the social and economic growth of emerging markets. Globeleq’s involvement in the proposed expansion of Azito will provide additional clean, affordable and fuel efficient power to the national grid of Cote d’Ivoire.”
Globeleq has held an interest in Azito Energie since 2003 and has participated as a member of the Azito Energie Board.
