22-09-2015 11:29
Khoza joins African power board

This follows the company’s change of ownership, as it is now owned by two European entities.

Khoza, a South African business stalwart, has been chairman of several companies, including of investment holding company Aka Capital, Nedbank Group, Corobrik, Nampak, Eskom and Old Mutual.

He is the author of Attuned Leadership and Let Africa Lead and is the co-author of The Power of Governance.

Khoza notes "Africa's industrial development is dependent on the availability of electricity. One cannot speak of mining, commercial agriculture and food security, ICT, or even health and education without energy.

“Electricity is, in very significant ways, a sine qua non for Africa's socio-economic development."

Khoza, who has six degrees including a Doctorate of Law, was the founding chairman of the Nepad Business Foundation (NBF) from 2001 to August 2011. He is also a visiting professor at Rhodes Investec Business School, Rhodes University, former professor extraordinaire of the University of Stellenbosch Business School and chancellor of the University of Limpopo, succeeding former president Nelson Mandela.

At the same time, Globeleq has appointed Henry Aszklar as its CEO. He has been in the industry for more than 20 years and has specialised in energy investments in emerging markets, including the development, acquisition and financing of independent power producer projects in Africa, Latin America and the US.

Globeleq develops, owns and operate thermal and renewable independent power plants. Since its founding in 2002, Globeleq has participated in independent power projects totalling nearly 14 000 MWs of generating capacity in 27 countries; and has invested approximately $1.3 billion of equity across 44 different power projects.

Globeleq notes these appointments come as it is enters its next phase of development under the direct ownership of CDC and Norfund. Having obtained the necessary government and lender consents, CDC and Norfund are now the sole shareholders of Globeleq with 70% and 30% holdings, respectively.

In February, Norfund said it would acquire a 30 percent stake in the company for $225 million, while CDC, which already had a major indirect investment in Globeleq, would sell a small part of its holding to Norfund and transfer its remaining majority stake into the new venture.

The partnership now aims to add at least 5 000 MW to Africa’s grid over the next ten years. Norfund is the Norwegian Investment Fund for Developing Countries, and CDC is the UK development finance institution (DFI).

Other new appointments to the board include:

• Eddy Njoroge, the former CEO of Kenya Electricity Generating Company (KenGen) and current chairman of Telkom Kenya.

• Jean-Louis Ekra, the former chairman and president of the African Export-Import Bank.

• Eivind Reiten, an economist and former Norwegian Petroleum and Energy Minister.

• Edward (Ned) Hall, an experienced energy industry professional who most recently served as executive VP and COO of Atlantic Power Corporation.

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