Globeleq agrees to purchase Egyptian generator

HOUSTON, 14 September 2004 – Globeleq, the emerging markets power company, announced today it has agreed to purchase the majority interest in the 685MW natural gas-fired power station at Sidi Krir, Egypt, from InterGen.

The plant, which is 30 km (20 miles) west of Alexandria on the Mediterranean coast, produces power for the Egyptian Electricity Holding Company (EEHC). Globeleq has agreed to purchase InterGen’s stake in InterGen Sidi Krir Generating Company, an Egyptian partnership between InterGen and Edison SpA, who owns the balance of the shares in the project. Sidi Krir began commercial operation in 2002.

Torbjorn Caesar, Executive Vice President of Africa for Globeleq, said: “Our proposed investment in Sidi Krir, our first in North Africa, is further demonstration of our commitment to safely providing clean, reliable and, efficient electric power to the emerging markets.”

The transaction is expected to close in the fourth quarter of 2004 and is subject to certain approvals. Further details were not released.

With new investments totaling US$385 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 2,000 MW of generation capacity, reaching a total of 2,400 net equity MW in 19 projects in 14 countries. Globeleq is actively pursuing acquisitions, seeking to more than double its operating capacity.