Globeleq power group, an independent power generation company in sub-Saharan Africa, has received a loan facility of US$70 million to expand its power assets in Africa.
The three-year loan facility has been provided by the Standard Bank, which is one of South Africa's largest financial services groups. The debt finance will be used to grow its African power asset base and position the group as a leading private power company on the continent.Paul Shang, global head of investment banking at Standard Bank, stated:
The Globeleq Africa transaction has demonstrated its expertise in the African power and infrastructure sector.
Globeleq power group has developed 100MW of solar Photovoltaic capacity and 138MW wind farm through a partnership that the firm has with Mainstream Renewable Power. Globeleq currently has more than 1200MW of power capacity in operation or under construction in five countries in sub-Saharan Africa, including South Africa.
The company recently completed the acquisition of majority interest in more than 300 MW of generation capacity in Cameroon. This acquisition has increased Globeleq's global acquisition of power to 14000MW in 27 different countries.