Globeleq attracts new investor to Bangladesh
HOUSTON, 3 July 2006 – Globeleq, the emerging markets power company, announced today that it had successfully attracted new foreign investment to Bangladesh, where the company maintains ownership and operational interests in three power generation facilities with more than 900 megawatts (“MW”) of power generation capacity .
Globeleq Asia Holdings Limited, a subsidiary of Globeleq, completed the sale of twenty-four percent (24%) of its 100% interests in the Haripur and Meghnaghat power projects, both located near the capital, Dhaka, to the IDB Infrastructure Fund L.P. (“IDBIF”). The Haripur and Meghnaghat facilities were originally acquired by Globeleq in December 2003. Globeleq also has a substantial interest in and is the manager of the 113 MW natural gas fuelled NEPC generating company in Bangladesh.
Arun Sen , Globeleq Executive Vice President for Asia, commented, ‘Building sustainable power generating businesses that can attract new investors is key to fulfilling our mission of safely providing clean, reliable electricity in the emerging markets. This sale will allow us to consider additional investment in the Bangladesh power sector.’
The IDBIF General Partner and Manager is Emerging Markets Partnership (Bahrain) B.S.C.(c) (“EMP Bahrain”), a Bahrain incorporated specialist adviser on, and manager of, private equity investment and part of Emerging Markets Partnership Global LLC (“EMP Global”). To date, EMP Global has advised private equity funds having in the aggregate US$5.7 billion committed to investment in the infrastructure sector. So far, the IDBIF has committed US$619 million to projects in the petrochemicals, power, telecommunications, transport and infrastructure-related sectors.
Mumtaz Khan, the CEO of EMP Bahrain, commented that “the IDBIF is delighted to be making this first investment in Bangladesh and looks forward to future opportunities to invest in the country’s infrastructure.”
The IDBIF, which has committed funds of $730.5 million and counts sovereign governments amongst its limited partners, is the first private investment vehicle of its size to focus on infrastructure development in the member countries of the Islamic Development Bank (IDB). The fund invests primarily for long-term capital appreciation through equity and equity-related investments in infrastructure companies and projects. In addition to achieving a return for its investors, the key objectives of the IDBIF are to promote Islamic finance, attract foreign direct investment to the IDB Member countries and promote regional capital development.
With more than $1.5 billion in assets , Globeleq is the only operating power company solely focused on the emerging markets of Africa, the Americas and Asia. The company owns more than 2,500 MW of generating capacity globally and one national power distribution company. Globeleq is actively pursuing acquisitions and new project development. Globeleq, Ltd., the parent company of the Globeleq group of companies, is a Bermuda-registered corporation.
