ENEO obtains 125 billion FCFA from Norfund and CDC consortium

The British Investment Funds Actis, through its local subsidiary Electricity of Cameroon (Eneo), has announced that it has sold all of its assets in Globeleq Africa to an Anglo-Norwegian consortium controlled by the Norwegian Fund, Norfund and the financing institution British Cdc Group.

Globeleq Africa is another subsidiary of the British Fund, specializing in the independent production of electrical energy.

According to Mutations’ September 16 edition, Actis British Investment Fund, shareholder of 56% of Eneo, is also the owner of 100% of the shares of Globeleq Africa which manages Gaz de Kribi in Cameroon and heavy fuel oil in Dibamba with a capacity of 302 Megawatts.

Therefore, for 227 million US dollars (125 billion FCFA), the Nordfund and Cdc consortium made its entry in Cameroon's energy sector, including electric power plants, thanks to the disengagement of Actis, noted the newspaper.

Mutations added that it has "withdrawn and transfered all of the assets of Globeleq Africa on the continent (Côte d'Ivoire, South Africa, Kenya and Tanzanie) to the Norfund and Cdc consortium.

The session of the two power plants by Actis intervenes in reality, a straight line with the adoption and promulgation of Act No. 2011/022, December 14, 2011 governing the electricity sector, particularly through amendment N ° 2 of the contract framework concession since August 7. This Act binds the State of Cameroon to Actis.

As a result, Eneo loses its monopoly on all the chain of production, transport and marketing of electric energy in Cameroon, from a fleet of 39 stations, 37, for a production capacity from 999 Mw at 697 Mw.

Only the coming months will tell if the change of actors will allow the populations dependent on the 302 Mw of these two gas power stations and heavy oil to have a more stable electric power.