Independent power generation company Globeleq will acquire a 74% majority equity stake in CPGNL Limited, an existing Nigerian power business, with the remaining 26% shares to be retained by the current owner of the business, Clean Energy Group. CPGNL will now be rebranded to Globeleq Power Solutions Nigeria Limited. Globeleq’s vision aligns with the Federal Government’s recent agenda to veer away from mainstream oil usage and towards cleaner, safer power solutions provided by a gas-oriented economy. With existing assets that cater to commercial and industrial customers primarily in the southwest of the country, CPGNL boasts a portfolio of 12 operating plants (58MW total capacity), three plants under construction (9MW total capacity) and roughly 100MW of projects in the pipeline.
Investment demonstrates our commitment to look beyond the conventional generation methods and provide cleaner, more reliable electricity solutions directly to industries in the country. Commercial and industrial manufacturers will have more sustainable options to connect their businesses. Driving investment into the domestic power sector, Globeleq aims to reduce Nigeria’s carbon footprint by upgrading existing operations with solar-powered elements and introducing new, more environmentally friendly technologies.