CAMEROON · ENERGY
Key Facts
- Who Globeleq, a power investor owned by UK and Norwegian development funds, holds 56% of both plants.
- What Cameroon is reportedly negotiating to buy those stakes, indicatively valued at 80 billion CFA francs (about US$143 million).
- When Press reports said in August 2026 that talks were under way, aiming to close by end 2026.
- Why The two plants, 304 megawatts in total, sell power to the state-controlled utility Socadel.
- As of Sunday, 8 November 2026, 08:00 UTC.
Cameroon is reportedly negotiating to buy out a UK- and Norway-backed investor in two power plants, but neither side has confirmed it.
Cameroon’s government is reportedly negotiating to buy the 56% stakes that the power investor Globeleq holds in two plants, one burning gas at Kribi and one burning heavy fuel oil near Douala. The state already owns the other 44% of each, so a deal would give it full ownership.
Globeleq is owned by British International Investment, the UK government’s development finance institution, and Norfund, Norway’s state-owned development fund. The reports come from unofficial sources, and we found no statement from the government or Globeleq.
What Is Being Negotiated
The Kribi plant, run by Kribi Power Development Company, has a capacity of 216 megawatts and sits in the country’s south. The Dibamba plant, run by Dibamba Power Development Company near the port city of Douala, has about 88 megawatts.
Press reports in August 2026, citing unofficial sources, put the stakes at an indicative value of about 80 billion CFA francs (about US$143 million, at roughly 560 CFA francs per US dollar). No formal offer had been submitted at that point, and the reports say the state aims to finish by the end of 2026.
Why the State Wants Control
Both plants sell their power to the national electricity utility, which the state now controls. That company, formerly the privately run utility Eneo, is now the state-owned Socadel (Société camerounaise d’électricité).
A full buyout would give the state full ownership of two plants that supply more than 20% of the capacity on the southern grid, according to the press reports. Neither the government nor Globeleq has said why the state wants to buy.
Cameroon’s economy depends on steady power for its ports, factories and mines. Related reading: Cameroon’s power structure and the Douala steel plant explosion.
What It Means for You
For US investors in African energy, the case is a test of how a state treats foreign-backed power assets. A negotiated exit at a reported price points to lower risk than a forced takeover would, though the talks are unconfirmed and the final terms are not public.
Western lenders and development funds will watch whether Globeleq is paid in full and on time, and the outcome may shape how they price new power projects across Central Africa. Related reading: Cameroon politics.
What Is Not Known
The final price is not public, and the 80 billion CFA franc figure is indicative only. Neither Globeleq nor the government has published a statement or a signed agreement that we could read.
It is also unclear how the existing power sales contracts would change after a buyout. We do not know whether the government will keep the plants’ current operators or whether a payment schedule has been agreed.
More: Cameroon news in English, every day from The Rio Times.
Frequently Asked Questions
Is Cameroon nationalising its power plants?
No nationalisation has been announced. Press reports say the government is negotiating to buy Globeleq’s 56% stakes in the Kribi and Dibamba plants, and it already owns the other 44%.
How much would Cameroon pay for the stakes?
Press reports in August 2026 put the indicative value at about 80 billion CFA francs (about US$143 million). Neither the government nor Globeleq has confirmed a price.
Who owns Globeleq?
Globeleq is jointly owned by British International Investment, the UK government’s development finance institution, and Norfund, Norway’s state-owned development fund. Both are public development investors.
Sources: Cameroonian financial press reports of August 2026 citing unofficial sources; neither the government nor Globeleq has published a statement we could read.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error