Globeleq announces Ugandan joint venture

Globeleq and Eskom Enterprises, the South African electric utility, have jointly signed a concession agreement to manage and operate the electricity distribution system in Uganda for a period of twenty years. The joint venture company, Umeme Limited, is 56% owned by Globeleq and 44% by Eskom Enterprises. Umeme is committed to investing in the existing electricity distribution network to provide safer and more reliable electricity to consumers in Uganda. Umeme will take over operational responsibility after a four month transition period and will seek to involve a local investor in the business.

"This investment in Uganda is an important milestone in Globeleq’s strategy of becoming the leading power company in the emerging markets," said Robert C. Hart, CEO of Globeleq. "We value our partnership with Eskom and look forward to making a difference in Uganda."

Velile Dube, the Director of Globalization Division at Eskom Enterprises, said, "We are very pleased to have this opportunity to expand our investment in Uganda. Eskom is committed to making investments that further development in the region."

David Grylls of Globeleq and the Ugandan Minister exchange documents