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Clifford Chance advises Globeleq on acquisition of private power generation company in Nigeria

3 February 2021

Clifford Chance advises Globeleq on acquisition of private power generation company in Nigeria

International law firm Clifford Chance advised Globeleq, a leading independent power generation company in Africa on its acquisition of Nigerian power business called CPGNL Limited (CPGNL), which will be rebranded as Globeleq Power Solutions Nigeria Limited. Globeleq takes a 74% majority equity stake, while the current owner of the business, the Clean Energy Group, will retain the remaining 26% shares.

CPGNL has a portfolio of assets which serve commercial and industrial customers mostly in the southwest of Nigeria. These include 12 operating plants with a total capacity of 58 MW, three plants in construction (9 MW total capacity), as well as approximately 100 MW of projects in development. The local team's depth of knowledge will complement the existing expertise at Globeleq and provides an immediate operational presence in the country.

Olamide Oladosu comments: "We are delighted to have been able to support Globeleq on this transaction which marks Globeleq's entry into the commercial & industrial power sector in Nigeria. I am proud of the unique combination of sector expertise, country knowledge and legal project management that our team offers clients in Nigeria and across Africa. The commercial and industrial power sector is growing rapidly across the region and we will continue to work with clients on transactions that will help bring energy to where it's needed to power the continent's development."

The deal team was led by Russell Wells and Olamide Oladosu from the Energy & Infrastructure practice and Nigel Wellings assisted by Jonathan Dillon and Mayowa Kalesanwo from the M&A team.