DLA Piper has advised The Norwegian Investment Fund for Developing Countries (Norfund) with its acquisition of a 30% interest in Globeleq Africa (Globeleq), an operating power company focused on developing energy projects across sub-Saharan Africa. Globeleq currently has eight major generating assets in Côte d’Ivoire, Cameroon, Kenya, South Africa and Tanzania with a total gross capacity of 1,095 megawatts. Following receipt of governmental and third party consents, Globeleq will be owned by Norfund in partnership with CDC, the UK development finance institution.

The investment is strategically important for Norfund and intended to establish a platform for Norfund and CDC to continue to expand power production in Africa. Through the Globeleq platform, Norfund and CDC hope to boost power generation in Africa by adding at least 5,000 megawatts of generating capacity over the next 10 years.

DLA Piper Corporate partner Chris Baird led the team, which included Fredrik Lindblom, Philippe Danesi, Simon Charbit, Luca Gori, Mohamed Mahjoubi, Rachel Scogna, John Pryor and Dave Luckett.

Norfund Chief Executive, Kjell Roland, said: ''This is a strategically important investment for Norfund. Inadequate and unreliable power supply is a major constraint on economic and social development in sub-Saharan Africa. This investment establishes a platform for Norfund and CDC to expand power production in Africa, based on the combination of financial capacity, industrial expertise, local partnerships and collaboration with authorities. This investment will expand Norfund’s presence in African power markets and widen our technology choice.''

Chris Baird added: ''We are absolutely delighted to have been able to assist Norfund with this strategically important transaction in Africa. The announcement of this partnership will help to address the on-going lack of reliable power to the continent, which continues to be a serious impediment to future growth.''