Globeleq deal signals invigorated market

The takeover of UK developer Globeleq Africa by Norfund and UK development finance institution CDC arguably takes DFI investment in African electricity full circle. Over a decade ago, CDC was a significant direct investor, in October 2001 buying 20% of Tanzanian independent power producer Songas. Stakes in Songas and Kenya’s Tsavo Power Company were the core assets when CDC founded Globeleq as an autonomous developer in 2002. Under a strategy announced in September 2012, CDC has been looking to become a more dynamic (rather than passive fund-of-funds) investor.