Recognising the need for ongoing investment in the emerging markets power sector to aid economic growth and development, the UK Government-owned development finance entity, CDC, launched Globeleq in 2002. Globeleq would maintain and expand CDC's existing portfolio of power businesses, making further acquisitions in emerging markets and working to mobilize third party capital into essential development projects.

Globeleq continues to build its portfolio with investments in Peru, Bangladesh, Tanzania and South Africa. In Tanzania, the company obtains operational and ownership control of Songas.

The company focuses its strategy on controlling ownership, investment and operation of power facilities in the emerging markets and divests various minority interests held in the Philippines, Argentina, the Dominion Republic and St Lucia.

In Bolivia, Globeleq acquires one of the country's largest generation companies and enters the North African market by investing in a power facility in Egypt. The Songas construction project in Tanzania is complete and commences commercial operation in mid-2004.

Further investment in Egypt attains 100% ownership of the recently acquired power plant; an increased generating capacity for Songas in Tanzania and announces purchase of another 600MW in several projects in Bangladesh, Pakistan, Indonesia and the Philippines. In an effort to improve access in the emerging markets power sectors, Globeleq invests in the Ugandan distribution company, Umeme. The company divests its minority share in a Chilean generation plant, reinforcing its portfolio strategy of majority owned and operated assets where possible.

Growth is seen in Latin America with assets in Panama, El Salvador and the Dominion Republic being acquired and new generation being constructed in Peru. In Asia, the purchase of assets in Pakistan and Bangladesh are completed. Minority interests in a Guatemalan generation plant are also divested.

In May 2007, Globeleq announced the sale of its assets in Latin America, North Africa and Asia. By late 2007, these companies were sold to two separate groups of infrastructure investors.

Globeleq owns and holds interests in a number of operating power businesses and future opportunities for power development and investment projects in its target markets. These provide a platform for the business to develop, build and operate new power generation and pursue acquisition opportunities in the emerging markets.

April – Mikael Karlsson appointed as new CEO of Globeleq.

Globeleq announces the acquisition of a majority interest in Globeleq Mesoamerica Energy (GME), the owner, operator and leading developer of wind projects in Central America including the 102 MW Cerro de Hula wind project in Honduras.  In Africa, the company acquires additional interest in the Azito power facility in Cote d’Ivoire and its subsidiary company, Empower, commences construction of its36MW interim power facility in Mauritania.

The Cerro de Hula wind farm breaks ground in Honduras and completes construction within time and budget.  Commercial operation commences in December making the wind farm the largest operating facility in the region.  Globeleq also signs Concession agreement for the Azito plant in Cote d’Ivoire to expand and convert to a more efficient generation facility and increase capacity to approx 420 MW