Emerging markets power company Globeleq has increased its stake in a gas-fired power plant in Cote d’Ivoire through an agreement with the EDF Group.
The UK-based company has agreed to acquire EDF’s 32.85 per cent interest in the Azito plant, located near Abidjan. The deal also includes EDF’s 50 per cent interest in the company responsible for the operation and maintenance of the 290 MW plant.
Globeleq has held an interest in Azito since 2003 and says that the plant is an important part of its international portfolio. “We have always valued the Azito plant as part of our portfolio,” said Globeleq CEO Mikael Karlsson. “This agreement confirms our ongoing commitment to the region and supports the company’s strategy to become the leading power company in Africa.”
Azito provides over one-third of Cote d’Ivoire’s electricity needs and its shareholders are currently preparing plans to expand the plant by converting it to combined cycle.
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