Electricity: Norway's Norfund and UK's CDC team up to bring more power to Africa

The deal is expected to closed by June.

“Norfund and CDC aim to bring more projects to the construction phase … If successful, the new strategy will result in over 5,000 MW of new generating capacity,” the partners said in a statement.

CDC and Norfund said they will focus their activities in sub-Saharan Africa, where only about 32 percent of population have access to electricity.

Globeleq Africa has eight power plants in Ivory Coast, Cameroon, Kenya, South Africa and Tanzania with a total gross capacity of 1,095 megawatts (MW).

It has already secured deals to develop more power plants in Ivory Coast and Cameroon.

Norfund, which also has a partnership with Norwegian hydropower producer Statkraft, has invested about $700 million in power projects, including in Africa.