(Business in Cameroon) - British investment funds Actis that bought Cameroon’s power company, Eneo, announced on September 14, 2015, that it has transferred all of its Globeq Africa’s stakes to a consortium headed by Norfund, a Norwegian fund, and CDC Group, a British finance institution. The transaction costs $227 million or about FCFA 125 billion.

Globeleq Africa, a subsidiary of Actis specialized in the independent production of electricity and operating in various countries, previously acquired gas and oil fired power plants of Kribi and Didamba, Cameroon, after Actis purchased Eneo. These two power stations generating together 304 MW, ranked Cameroon as Gobeleq’s main energy producer in Africa, ahead of Côte d’Ivoire (288 MW at the Azito plant) and South Africa (with three solar and wind plants producing 238 MW).

The transfer of the Didbamba and Kribi plants to the Norfund-CDC group consortium took place in a context where many changes are occurring in Cameroon’s power sector. Indeed, the new law implemented in the country favors competition in the sector especially in terms of commercialization and production. Additionally, this law establishes a public management system of the transportation network, which is being implemented at the moment.

In regards to this, Eneo which is still headed by Actis recently revised its agreement with the Cameroonian government, to adapt it to the change. This change also gives in actual facts new business operators, access to Cameroon’s power industry which, has been for a long period, dominated by monopolizing firm.

Brice R. Mbodiam