Cameroon: BGFIBank to arrange the sale of the assets of the British-Norwegian group Globeleg

The financial holding company BGFIBank is at the head of a banking pool for the sale of the receivables of the company Globeleq Cameroon, a subsidiary of the British development financial institution CDC Group and of the Norwegian development fund Norfund. For the moment, the number of banks involved in this arrangement is not known, even if we know that are concerned, financial institutions operating in the CEMAC zone.

This operation concerns more than 83 billion FCFA, approximately 153 million dollars of debts of the company Energy of Cameroon (ENEO), the concessionaire of the electricity service representing the assets of Globeleg through its two subsidiaries Dibamba Power Development Corporation (DPDC ) and Kribi Power Development Corporation (KPDC). Despite the commitment of the ENEO company to pay off this debt over the next four years, Globeleg, which finds the deadline rather long, has taken steps to regain its rights in a relatively short period of time.

Owned by the British investment fund Actis, the company ENEO report internal sources is unable to pay off this debt, due to difficult economic conditions due to the non-payment of its debts by customers, including one more slate. of 120 billion, that is to say 221 million dollars of the State. It is undoubtedly to avoid a paralysis of the activities of this company responsible for the production and distribution of electricity that the public authorities decided in April 2021 to settle a debt of 50 billion representing the debt of the company Aluminum du Cameroon (ALUCAM) to ENEO.

An independent electricity producer, Globeleq owns a majority stake in the production facilities of Kribi with a capacity of 216 Megawatts (MW) and Dibamba with a capacity of 88 MW thanks to a purchase agreement of electricity over 20 years signed with ENEO.

According to sources, the sale of Globeleg’s receivables announces its imminent departure from Cameroon where ENEO is its only client due to the monopoly in this sector where, regardless of enormous potential, the energy mix is ​​struggling to take. its flight.

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