Emerging markets power company announces name change
HOUSTON, 14 June 2004 – Globeleq, formerly CDC Globeleq, today announced that it has changed its name.
“We accomplished what we set out to do – build an independent emerging markets power operating company with a robust and growing portfolio of majority-owned quality generation businesses in the emerging markets of Africa, the Americas and Asia,” said Robert C. Hart, CEO of Globeleq. “This change reflects Globeleq’s independence while maintaining a link to CDC’s history of power investments in the emerging markets.”
Mr. Hart continued, “We are seeking acquisitions and partners to invest alongside us. The 550 operating professionals at our power plants and the 60 experienced international power professionals at our offices in Dar es Salaam, Dhaka, Houston, Johannesburg, La Paz, Lima, London, and Santo Domingo are doing a tremendous job of running the assets we have while continuing to build Globeleq’s regionally-based global business.”
Globeleq was formed as CDC Globeleq in 2002 when UK-based CDC Group plc contributed both assets and capital to the new venture. Earlier this year it was announced that CDC is being restructured into an asset holding and a fund management company. Actis, the new management company, will manage CDC’s investment in Globeleq. CDC remains Globeleq‘s sole shareholder.
“Globeleq’s growth is a very important part of realizing Actis’ objective of becoming the leading private equity investor in emerging markets. We will be working closely with the management team to make further power investments in its target markets,.” said Andrew Reicher, one of Actis’ partners on the Globeleq Board.
“We build commercially successful, long-term generation businesses,” said Hart. ”The best way to support sustainable economic development is to build infrastructure on a commercial basis.”
Globeleq safely provides clean, reliable electricity, creating sustainable returns and supporting the development of the electric power sectors in the emerging markets of Africa, the Americas and Asia. With new investments of more than US$385 million, Globeleq is the fastest growing power company in the emerging markets. Since 2002 the company has acquired controlling ownership of more than 2,000 megawatts (MW) of generation capacity, for a total of over 2,400 net equity MW in 15 countries. The company is actively pursuing additional acquisitions, seeking to more than double its operating capacity. More information is available at www.globeleq.com.
