CDC Capital Partners links up with Robert C. Hart

25 June 2001

CDC Capital Partners, (CDC) a leading risk capital provider in emerging markets, is pleased to announce that it has nominated Robert C. Hart, President and CEO of Hart Energy International (HEI) as chief executive designate of a new international power company that CDC intends to create.

The new company will be based around CDC's existing power team and Mr. Hart's team at HEI.

The new company will seek to grow CDC's existing power portfolio by taking advantage of the many opportunities that exist in the international power sector.

CDC and HEI first started working together over two years ago when they joined together as members of a consortium which successfully acquired 50% of the generating assets of a major power generation company in the Dominican Republic, which currently owns and operates over 400 MW. That business has grown significantly since the acquisition, as a result of actions taken by CDC and HEI, together with their partners in the consortium. In addition, a major expansion of 150 MW is nearing completion.

Commenting on today's announcement, Alan Gillespie, Chief Executive of CDC Capital Partners, said:

"We are delighted to have the opportunity to undertake this new venture with Bob and his team to move forward with a high growth strategy for CDC within the global power industry.

"CDC is firmly committed to investing in the power industry as we recognize that efficient and reliable power is a critical pre-requisite for national economies and private businesses to grow and flourish."

Bob Hart added:

"CDC has been investing in the private power industry for over ten years and has created a solid portfolio of power investments, stretching from the Philippines through Africa to Central America and the Caribbean. This portfolio provides an ideal platform on which to grow aggressively this new power company. I am very excited at the prospect of being given the opportunity to manage and develop this business."

Jim Romanos, managing director of CDC Latin America, concluded:

"We have been working closely together over the past two years as co-investors and both parties complement each other very well in terms of strategy, skills and experience. This decision to join forces is a logical next step."