Globeleq purchases Egyptian power station

HOUSTON, 14 December 2004 – Globeleq, the emerging markets power company, announced that it has completed the acquisition of the majority interest in the 685 megawatt (MW) natural gas-fired power station at Sidi Krir, Egypt, from InterGen.

Robert Hart, CEO of Globeleq, commented, “This acquisition establishes Globeleq in North Africa, solidifying our presence on the continent and positioning us for further expansion. The Sidi Krir management and operations teams will join Globeleq, adding their expertise and experience in providing exceptional performance.”

Sidi Krir Generating Company’s General Manager, Tom Thomason stated: “The operating team is looking forward to working as part of Globeleq who recognizes and values the experience and expertise of Sidi Krir and its operating team.” All of the existing third party long-term maintenance contracts for the plant and contractual arrangements for fuel supply and electricity offtake also remain unchanged.

The plant, which is 30 km (20 miles) west of Alexandria on the Mediterranean coast, uses gas supplied by the Egyptian National Gas Company (GASCO), the government owned gas distribution company and produces power for the Egyptian Electricity Holding Company (EEHC). Globeleq has purchased InterGen’s stake in Sidi Krir joining Edison SpA, which owns the 39% balance of the project.

With investments of more than US$500 million, Globeleq is the fastest growing operating power company solely focused on the emerging markets of Africa, the Americas, and Asia. Since 2002 the company has acquired more than 2,000MW of generation capacity, reaching a total of more than 2,800 net equity MW in 20 energy assets in 15 countries. Globeleq is actively pursuing acquisitions, seeking to more than double its operating capacity.