Globeleq acquires Bolivian generator
HOUSTON, 27 April 2004 – Globeleq, the emerging markets power company, announced today the completion of its acquisition of Compania Boliviana de Energia Electrica (COBEE), also known as the Bolivian Power Company, from NRG Energy .
COBEE is one of the largest generation companies in Bolivia, serving the capital La Paz and surrounding area with 204 megawatts (MW) of generation capacity, 186 MW of which are hydroelectric. COBEE has been a privately-owned company since its founding nearly 80 years ago.
"COBEE's important position in the Bolivian electric sector makes it an excellent fit with our strategy of acquiring quality generation assets in the emerging markets of Africa, the Americas and Asia," said Robert C. Hart, CEO of Globeleq. "We recognize and appreciate COBEE's unique history, the company's importance in the Bolivian electric sector and the critical role that the reliable power COBEE provides plays in the further economic development of Bolivia." Hart continued, "Bolivia's robust regulatory structure and transparent processes for the electric sector were key factors in our decision to make this substantial investment at this time. Those factors will continue to play a key role in attracting additional international investment."
"All employees within COBEE see this as an opportunity for both COBEE and Globeleq to benefit from each other's experiences and expertise. We are all looking forward to working as part of Globeleq," said Julio Lemaitre, President & General Manager of COBEE.
With new investments totaling over $400 million, Globeleq is the fastest growing power company in the emerging markets of Africa, the Americas and Asia. Since 2002 the company has acquired controlling ownership of more than 2,000 megawatts (MW) of generation capacity, reaching a total of over 2,400 net equity MW in 20 projects in 15 countries. The company is actively pursuing additional acquisitions, seeking to more than double its operating capacity with additional investment of $700 million.
