Globeleq sells interest in Guatemalan geothermal generator

HOUSTON, 26 July 2006 – Globeleq, the emerging markets power company, announced today that it had completed the sale of an approximately 14% interest in Orzunil I de Electricidad Limitada, a 24 megawatt geothermal generator in Guatemala, to OrPower 3 Inc., a wholly-owned subsidiary of Ormat, the majority owner of the power plant. Globeleq has managed the investment on behalf of its shareholder, CDC.

“With this sale, Orzunil is in the hands an expert geothermal operating company. Globeleq will focus on the development of new power generation to serve the rapidly growing power needs in Guatemala,” said Steve Pearlman, Globeleq Executive Vice President for the Americas.

Globeleq owns and operates more than 750 MW of hydroelectric and thermal generation throughout the Americas, including COBEE, the largest hydroelectric generator in Bolivia. The company has interests in power plants in the Dominican Republic, Peru, Guatemala, Nicaragua, Panama and Jamaica. Globeleq recently concluded the purchase of interests in Fortuna, a 300 megawatt (MW) hydroelectric generator, and Pedregal, a 55 MW thermal generator, both in Panama, and has new power projects in development in Peru and other countries in the region.

W ith assets valued at over $1.5 billion, Globeleq is the only operating power company solely focused on the emerging markets of Africa, the Americas and Asia. The company has investments in generating companies with a total of more than 5,000 megawatts (MW) of capacity, and one national power distribution company and is actively pursuing further acquisitions and new project development. Globeleq Ltd, the parent of the Globeleq group of companies, is a Bermuda limited company.