Globeleq completes purchase of Asia power assets

HOUSTON, 5 July 2006 – Globeleq, the emerging markets power company, announced today the completion of the purchase of power assets in Pakistan and Bangladesh from El Paso Corporation. The purchase of additional assets in South and Southeast Asia is expected to close later in 2006. The transaction was announced in mid-2005.

This closing includes a significant interest in Fauji Kabirwala, a 157 megawatt (MW) natural gas fired generator in Pakistan. The acquisitions of a significant interest in NEPC, a 113 MW natural gas fired generator in Bangladesh, closed earlier in the year.

Arun Sen , Globeleq Executive Vice President for Asia, commented, “This closing is a significant milestone in our strategy in Asia. As our business in Asia continues to develop, we will be in a position to meet the growing demand for efficient, reliable generation.”

In addition to the assets newly-acquired assets in Pakistan and Bangladesh, Globeleq owns and operates over 800 MW of natural gas-fired generation in Bangladesh and has interests in power plants in India and Sri Lanka.

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 acquisitions and new project development. Globeleq, Ltd., the parent company of the Globeleq group of companies, is a Bermuda-registered corporation.