CDC Group, a private equity group owned by the UK government, has sold its power subsidiary Globeleq to a consortium of Malaysia’s Tanjong Energy Holdings and Saudi Arabia-based Aljomaih in a $528m deal.
The consortium will take over Globeleq’s North African and Asian power businesses. Its assets include the Sidi Krier natural gas-fired power plant in Egypt.
CDC Group acquired the Sidi Krier plant in May 2005.
The company’s sub-Saharan power businesses and projects, which are currently under development, will be transferred to a new CDC company to be called Globeleq Generation.