Standard signs $70m deal to support Globeleq’s African expansion
South Africa’s Standard Bank has concluded a $70-million three-year term loan facility with the African unit of emerging-market-focused power group Globeleq, which plans to use the debt finance to grow its African power asset base.
Globeleq currently has more than 1 200 MW of power capacity in operation or under construction in five countries in sub-Saharan Africa, including South Africa.
It also recently completed the acquisition of majority interest in more than 300 MW of generation capacity in Cameroon, adding to its nearly 14 000 MW of capacity in 27 countries globally.
Globeleq CEO Mikael Karlsson said the funding would enable Globeleq Africa to add to its existing asset base and position the group as a leading private power company on the continent.
Karlsson indicated recently that Globeleq would continue to jointly explore and develop renewable-energy projects in South Africa, having already developed 100 MW of solar photovoltaic capacity and a 138 MW wind farm in partnership with Mainstream Renewable Power.
But the company was also pursuing gas-fired generation opportunities independently of the partnership.
Standard Bank’s global head of investment banking, Paul Shang, said the Globeleq Africa transaction demonstrated its expertise in the African power and infrastructure sector.
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