British International Investment

Globeleq Limited

Central AfricaEast AfricaNorth AfricaSouthern AfricaWest AfricaInfrastructure

Globeleq is Africa’s leading independent power producer. British International Investment took control of the company (70 per cent) in 2015 alongside Norfund (30%). Since then, Globeleq has almost doubled in size, adding nine assets to its portfolio, of which 8 are renewables. Its portfolio has reached 2,178 megawatts of power assets, including 520 megawatts of renewables, in operations and construction across seven countries (Cote d’Ivoire, Cameroon, South Africa, Mozambique, Tanzania, Kenya and Egypt). In 2021, Globeleq’s operating assets generated 7,141 gigawatt hours of electricity, reaching over 9 million consumers and indirectly supporting an estimated 236,000 jobs in addition to the 517 people the company employs directly.

This investment was made when British International Investment was named CDC Group.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to reportsandcomplaints@bii.co.uk or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at enquiries@bii.co.uk

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    December 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D4848
    Status

    The current status of the investment (green flag for active and red flag for exited).

    :
    Active
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    :
    Central Africa, East Africa, North Africa, Southern Africa, West Africa
    Country

    The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.

    :
    Cameroon, Cote d'Ivoire, Egypt, Kenya, Mozambique, South Africa, Tanzania
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Infrastructure
    Sub sector:
    Independent Power and Renewable Electricity Producers

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Equity
    Start date :
    July 2021
    Amount :
    $4m
    Currency of investment :
    EUR,USD
    Domicile

    The company or investment fund’s place of incorporation.

    :
    Guernsey
    Climate finance

    Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.

    :
    Fully qualified
    Climate finance type:
    Mitigation
    Energy type

    Renewable energy types include energy sources with very low lifecycle emissions such as solar, wind and tidal or those meeting a certain criteria such as hydro power, biomass or geothermal. For fossil fuel energy types, this includes coal, oil and gas. Mixed energy types for direct investments supports a combination of fossil fuel and renewable assets. For Funds labelled as mixed these investments may contain a combination of fossil fuel, renewables, and/or non-energy assets but not necessarily all three.

    :
    Renewable

Related investments made by BII into this company:

Investment name Commitment Region Sector Start date Status
Investment 01 $29.24m Central Africa, East Africa, North Africa, Southern Africa, West Africa Infrastructure December 2017 Active
Investment 02 $15.07m Central Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West Africa Infrastructure May 2019 Active
Investment 03 $45.15m Central Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West Africa Infrastructure December 2019 Active
Investment 04 $12.74m Central Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West Africa Infrastructure July 2020 Active
Investment 05 $13.65m Central Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West Africa Infrastructure September 2020 Active
Investment 06 $100.1m Central Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West Africa Infrastructure December 2020 Active
Investment 08 $19.86m Central Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West Africa Infrastructure December 2021 Active
Investment 09 $5.46m Central Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West Africa Infrastructure March 2022 Active
Investment 10 $8.33m Central Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West Africa Infrastructure December 2023 Active
Investment 11 $15.96m Central Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West AfricaCentral Africa, East Africa, North Africa, Southern Africa, West Africa Infrastructure December 2023 Active

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