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Leading independent power producer (IPP) in sub-Saharan Africa, Globeleq, has announced the appointment of a new Chairman and Chief Executive Officer. The company, which owns and operates thermal and renewable IPPs, also made key Board appointments, according to the announcement which was made today.

The new Chairman of Globeleq is Dr Reuel Khoza, while the CEO is Henry Aszklar. Dr. Khoza is the former Chairman of various financial institutions and multinationals, including Nedbank Group, Glaxo SmithKline SA, Corobrik (Pty) Ltd, and Eskom Holdings Ltd. He is the current Chairman of Aka Capital (Pty) Ltd, an investment holding and private equity company.

Henry Aszklar is an energy industry expert with over 20 years of experience. He is specialised in energy investments across emerging markets, including the development, acquisition and financing of IPP projects in Africa and Latin America.

Globeleq is one of the prequalified bidders of Nigeria’s National Integrated Power Project (NIPP). The company is poised to enter its next phase of development under the direct ownership of CDC Group plc, the United Kingdom’s development finance institution, and Norfund, the Norwegian Investment Fund for Developing Countries. CDC and Norfund are now the sole shareholders of Globeleq with 70% and 30% holdings, respectively, having obtained the necessary government and lender consents.

Under its new ownership, Globeleq aims to boost power generation in Africa by adding at least 5,000 megawatts (MW) of generating capacity over the next 10 years. Based on the co-causal positive correlation between growth in electricity consumption, GDP and employment across the whole economy, the increase in electricity generation will enable the creation of over 1.5 million new formal and informal jobs across Africa.

Reuel Khoza, the new Globeleq Chairman, said, "Africa's industrial development is dependent on the availability of electricity. One cannot speak of mining, commercial agriculture and food security, ICT, or even health and education without energy. Electricity is, in very significant ways, a sine qua non for Africa's socio-economic development."

Globeleq looks to pursue earlier-stage development as well as other development and project expansion opportunities in power generation in Africa, including renewables.

Diana Noble, CDC Chief Executive, said, “What is inspiring about this new chapter in Globeleq’s story is that it has the potential to be a truly transformational business that helps to bring reliable power to the lives of millions of people and their communities across sub-Saharan Africa.”

“As an original founder of Globeleq in 2002, CDC is proud that, together with Norfund, our vision and resources will combine with the new CEO, Board and high-calibre Globeleq team to deliver on a strategy to develop significant power generation capacity over the course of the next decade and beyond,” the CDC Chief Executive continued.

Other new appointments to the Globeleq Board of Directors include, Eddy Njoroge, the former CEO of Kenya Electricity Generating Company (KenGen) and current Chairman of Telkom Kenya; Jean-Louis Ekra, the former Chairman and President of the African Export-Import Bank; Eivind Reiten, an economist and former Norwegian Petroleum and Energy Minister; Edward (Ned) Hall, an experienced energy industry professional who most recently served as Executive Vice President and Chief Operating
Officer of Atlantic Power Corporation.

In a statement by Norfund, its Chief Executive, Kjell Roland, said, “An investment in Globeleq is strategically important for Norfund as investing in energy in sub-Saharan Africa is one of our main focus areas. Together with CDC, our long-term plan is to strengthen Globeleq as an industrial energy developer in a market with significant regional growth potential.”