Globeleq announces divestiture of minority interest in Panamanian generator

HOUSTON – February 2, 2007 -- Globeleq, the emerging markets power company, has completed the divestiture of its minority interest in Fortuna S.A. (a Panamanian hydroelectric generation company) to Enel, the co-owner with Globeleq of Americas Generation Corporation, which operates Fortuna. Globeleq will focus its efforts in Panama on managing the Pedregal Power Company and building much-needed new generation capacity.

‘Divesting our interest in Fortuna is consistent with the strategy we have followed since Globeleq began; we prefer to operate the power businesses we own,’ said Globeleq CEO Torbjorn Caesar. ‘This transaction leaves Fortuna in good hands. In Panama, as in all our markets in Africa, the Americas, and Asia, we are focused on operating our existing power businesses and building new generating capacity to meet rising demand.’

Globeleq has several new power projects in development in Central America. In Panama, Globeleq is in the advanced stages of development of a new coal-fired plant which it expects will participate in the next round of bidding to supply power to the Panamanian distribution companies.

With more than $1.5 billion in assets, Globeleq is the only operating power company solely focused on the emerging markets of Africa, the Americas and Asia. The company owns more than 2,500 MW of generating capacity globally and one national power distribution company. Globeleq is actively pursuing new project development and acquisitions. Globeleq, Ltd., the parent company of the Globeleq group of companies, is a Bermuda-registered corporation.