Globeleq to purchase Latin America power assets

HOUSTON, 13 January 2006 – Globeleq, the emerging markets power company, announced today that it had reached AN agreement to purchase a majority of El Paso Corporation’s power generation assets in Central America. The transaction is expected to close in 2006.

“This acquisition strengthens our position in Central America, adding key markets to our existing portfolio,” said Globeleq CEO Robert Hart. “With a solid platform of operating assets, we will be poised to support the further growth of the electric sector in this important, growing and increasingly integrated region.”

The transaction includes interests in 6 power generation projects in El Salvador, Nicaragua, Panama and the Dominican Republic.

Steve Pearlman, Globeleq Senior Vice President for the Americas, commented, “We are very pleased to have reached this important agreement. By adding to our existing regional positions in the Dominican Republic, Nicaragua and Guatemala, and expanding our presence into Panama and El Salvador, we will be in a strong position to meet growing demand throughout the region.”

Globeleq currently owns over 700 megawatts (MW) of generating capacity in the Americas. In August, 2005, Globeleq agreed to purchase El Paso’s power generation assets in Southeast and South Asia.

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. Since 2002 the company has acquired more than 2,200 MW of generation capacity, reaching a total of more than 3,000 MW in 20 projects in 15 countries. Globeleq is actively pursuing further acquisitions and new project development.