In 2015, CDC partnered with the Norwegian DFI, Norfund, to take direct ownership of Globeleq. CDC holds a 70 per cent shareholding in Globeleq, with Norfund holding 30 per cent.
In sub-Saharan Africa, 70 per cent of people don't have access to electricity, and 40 per cent of businesses say the lack of reliable power is a major constraint. Developing countries need reliable and affordable electricity to grow businesses, create jobs and improve people’s lives.
It’s estimated that Globeleq’s assets support hundreds of thousands of jobs across the countries where it operates. Our investment enables Globeleq to address the bottleneck in power project development, adding significant megawatts of new power generation over the next ten years.
For example, Globeleq is the parent company of Songas, one of the largest independent power producers in Tanzania. Its 190 MW plant in Dar es Salaam, generates approximately 20 per cent of the country's electricity and employs around 90 people directly.
It also runs a popular trainee programme, providing young Tanzanians with the opportunity to develop engineering skills.
Environmental and social aspects
The company applies good environmental and social practices that minimise any negative impacts its operations may have.
Globeleq also promotes the efficient use of energy, water and natural resources, and minimises the release of pollutants to air, water and land.
Each one of Globeleq's operating power plants has programmes in place that support health, education, employment and enterprise development in their local communities.
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.
- Investment type
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Direct Equity
- Start date
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- September 2015
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
This is the investee company’s place of incorporation; or a fund’s jurisdiction.