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HOUSTON, 29 March 2004 – CDC Globeleq, the emerging markets power company, announced today that its subsidiary, Southern Cone Power Ltd., sold its 6.8 per cent interest in Costanera/CBA, a 2,300 megawatt generator in Argentina, to a group of Chilean investors.
"A key to our business strategy is the active management of the power generation assets in which we invest," said CDC Globeleq President and CEO Robert Hart. "Our small stake in Costanera was not a strategic fit. Divesting this particular investment is consistent with our strategy of seeking majority control and selling minority positions," Hart continued.
Southern Cone Power Ltd. was formed by CDC Globeleq in March 2002 to acquire interests in Costanera, Edegel SA in Peru and San Isidro SA in Chile. The sale included all of Southern Cone Power's interest in Costanera.
CDC Globeleq is the fastest growing power company in the emerging markets. In 2002 and 2003 the company acquired controlling ownership of more than 1,800 megawatts of generation capacity, reaching a total of over 2,300 megawatts in 22 projects in 17 countries. CDC Globeleq is actively pursuing additional acquisitions in Latin America, Africa and Asia.
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