Globeleq appoints Torbjorn Caesar as new Chief Executive

HOUSTON, 7 June 2006 – The board of directors of Globeleq Ltd. has appointed Torbjorn Caesar as Chief Executive Officer (CEO), succeeding founding President and CEO Robert C. Hart. Mr. Caesar, who has headed Globeleq’s businesses in Africa since the company was founded, will assume his new position on July 1. Mr. Hart will continue with Globeleq as President focusing on new business development.

“We are delighted to announce Torbjorn Caesar’s appointment as CEO of Globeleq. He has been with Globeleq since its inception and is committed to its mission of safely providing clean, reliable and affordable energy in the emerging markets of Africa, the Americas and Asia,” said John Baker, Chairman of Globeleq Ltd. ‘His experience, clear-sighted pursuit of new opportunities, enthusiasm and drive make him an excellent choice to continue Globeleq’s growth and success in building an emerging markets power business as it puts greater emphasis on the development of new power generation assets in all the regions where it operates.” Mr. Baker continued, “ We conducted a broad search, including internal and external candidates, before making this important appointment .”

Mr. Caesar joined Globeleq in 2002 and has had responsibility for its businesses in Africa since then. He has 20 years experience in the power business, most of it in emerging markets. Prior to joining Globeleq, he held senior management positions with the ABB group where he developed power projects in Asia and Eastern Europe. He holds a degree in Engineering from Chalmers University of Technology in Sweden and an MBA from IMD in Lausanne, Switzerland.

“This is a very exciting opportunity to lead and have responsibility for the overall success of this unique company. I look forward to working with my colleagues and Globeleq’s stakeholders in every country where we operate in continuing Globeleq’s growth,” Mr. Caesar said. “Under Bob Hart’s visionary leadership, the very experienced management, operations and development teams in Houston, London, Singapore and at Globeleq’s assets around the world have built a great company. Together we will make Globeleq the best that it can be.”