Globeleq to add generation capacity in Peru
Enter content hereHOUSTON, 25 April 2006 – Globeleq, the emerging markets power company, announced today that it has issued notice to begin construction of the first unit of the two-unit, 336 megawatt (MW) Kallpa power plant near Lima, Peru. The new, natural gas-fired generator will help meet the rapidly rising demand for electric power in Peru.
“This investment by Globeleq is of paramount importance for several reasons. It demonstrates that Peru is still an attractive market for investment in power generation. As the first greenfield project by Globeleq, it marks the entrance of a newcomer to Peru’s rather concentrated electric generation sector. Finally, this plant will use Camisea gas and thus is in line with the national goal of changing the energy matrix,” said Juan M. Cayo, the Peruvian Vice-Minister of Energy.
“Kallpa is a very important addition to our business in Peru. Building safe, clean, reliable and affordable new electric generating capacity is our goal in every country where we own and operate power plants,” said Steve Pearlman, Globeleq Executive Vice President for the Americas. “Citibank Peru and Banco de Credito del Peru have been instrumental in financing Kallpa, and we are very pleased that the Siemens Power Group will engineer and construct the facility.”
The first phase of the Kallpa plant, located 63 kilometers (40 miles) south of Lima in the municipality of Chilca, will provide 168 MW of new generation fueled by domestic natural gas from the Camisea field. Globeleq is already well advanced in preparations for the second phase, which will double Kallpa’s generating capacity. A third phase, now in the planning stages, will convert the entire plant to combined cycle, increasing efficiency and capacity even further.
Javier Garcia Burgos, Globeleq’s senior manager in Peru, will be responsible for the Kallpa project. “The cooperation between all the stakeholders in Kallpa – government agencies including the Ministry of Energy and Mines, the municipality of Chilca, our suppliers and contractors – enabled us to move this project forward quickly. We will be able to move ahead just as quickly with our plans to double the plant’s capacity.”
In addition to Kallpa, Globeleq has a significant investment in Edegel, one of Peru’s leading generating companies, through its affiliate Southern Cone Power.
Siemens Power Group, the contractor for the power plant, has been released by Globeleq to begin construction with completion planned for June 2007.
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. Including pending transactions, the company has acquired more than 2,700 MW of generation capacity since 2002, reaching a current total of more than 2,800 MW. Globeleq is actively pursuing further acquisitions and new project development. Globeleq Ltd, the parent of the Globeleq group of companies, is a Bermuda limited company.
