CDC Globeleq announces sale of stake in Dominica Electricity Services, Ltd.

HOUSTON, 23 April 2004 – CDC Globeleq, the emerging markets power company, announced today that it had reached an agreement to sell the 72 per cent interest in Domlec, the integrated utility serving Dominica, that it has managed for its shareholder, UK-based CDC Group plc. The purchaser is WRB Enterprises, a privately-held company based in Tampa, Florida, with experience in operating similar businesses in the Caribbean.

“We are pleased to have concluded the agreement for WRB to purchase Domlec,” said Robert C. Hart, CEO of Globeleq. “The initial investment in Domlec by CDC was intended to develop Domlec and build its value in the on-going development of the economy on Dominica. Having achieved that, we are focusing our resources and efforts on our core business of operating power generation businesses in the emerging markets of Africa, the Americas, and Asia.”

Terms of the sale were not released. The effective date of the sale will be May 7, 2004.

With new investments totaling $400 million, Globeleq is the fastest growing power company in the emerging markets of Africa, the Americas and Asia. Since 2002 the company has acquired controlling ownership of more than 2,000 megawatts (MW) of generation capacity, reaching a total of over 2,400 net equity MW in 20 projects in 15 countries. The company is actively pursuing acquisitions, seeking to more than double its operating capacity with additional investment of $700 million.