Globeleq CEO will step down and join Globeleq’s Board at year end

LONDON:  1 JULY 2019:  Globeleq’s CEO, Paul Hanrahan, has led the company through an important growth  period, specifically overseeing the successful completion of several significant power development deals, including the recent Malindi Solar power project of 52 MWp in Kenya, the acquisition of four renewable plants in South Africa of 77 MW, the successful 50 MW Get FiT award in Zambia, as well as progressing the Phase IV Azito expansion of 253 MW in Cote D’Ivoire and a 400MW gas-fired project in Mozambique.

Globeleq today announced that Paul has decided to step down as CEO at the end of 2019 due to increased time demands and professional commitments Paul has with other Boards on which he serves.  This will require him to relocate to the USA. He will join the Globeleq Board as a Non-Executive Director from January 2020.

Globeleq has a well-defined succession process and will review a diverse pool of candidates over the next several months.

Laurence Mulliez, Globeleq’s Chair said: “Paul has brought great leadership and deep power development expertise to Globeleq. Alongside the growth in development, Paul has led the expansion of renewable technology capabilities and ongoing performance of the existing assets that continue to outperform in availability, safety and reliability, bringing secure power supplies to Africa. I’m very appreciative of Paul’s leadership and will make a further announcement later this year on his successor.”

Nick O’Donohoe, CEO, CDC “I would like to thank Paul for his enormous contribution as CEO and for his decision to remain a part of Globeleq’s Board in the future. Under Paul’s leadership the company has taken a huge step forward. He has helped Globeleq close important transactions and reach new markets. CDC will continue to work with Globeleq as we seek to address the bottleneck in power project development in Africa and add significant megawatts of new power generation in the coming years. I wish Paul and his family the best for their return home to the United States.”