Globeleq power group has received a loan facility of US$70m from South Africa’s Standard bank to help it grow it power assets in the African continent.
According to the CEO of Globeleq Mikael Karlsson, the funding will enable the company to upgrade its existing assets and improve on the position of the company as a leading private power company in the African continent.
Karlsson also noted that the power company will continue exploring and developing its renewable- energy projects in South Africa. So far it has developed 100MW of solar Photovoltaic capacity and 138MW wind farm through a partnership that it has with Mainstream Renewable Power.
Globeleq is pursuing gas fired generation opportunities in the continent on an independent basis.
According to the Head of Investment banking in Standard Bank Paul Shang, the transaction made by Globeleq confirmed its skill in the power and infrastructure sector in Africa.
At the moment Globeleq has more than 1200MW power capacity in five sub-Saharan countries including South Africa which are in operation or under construction.
The company has acquired more than 300MW of power generation in Cameroon which increases its global acquisition of power to 14000MW in 27 countries.