Globeleq completes purchase of Latin American power assets

HOUSTON, 17 April 2006 – Globeleq, the emerging markets power company, announced today the completion of the purchase of power assets in Panama and the Dominican Republic from El Paso Corporation. The purchase of additional assets in Latin America is expected to close later in 2006. The transaction was announced mid-January, 2006.

“Adding these plants to our portfolio is a further step forward in implementing our strategy of building strong regional businesses as platforms for the development of new generating capacity to serve growing demand in the emerging markets,” said Robert Hart, President and CEO of Globeleq.

This closing includes interests in Fortuna, a 300 megawatt (MW) hydroelectric generator, and Pedregal, a 55 MW thermal generator, both in Panama, and an additional interest in CEPP, a 65 MW thermal generator in the Dominican Republic.

Steve Pearlman, Globeleq Executive Vice President for the Americas, commented, “We recognize the critical need for highly efficient generating capacity in Panama and throughout the region to provide the public with reasonably priced power. Reaching this important milestone quickly puts us in a position to focus our efforts on developing new efficient generating facilities to serve the urgent need for affordable power. We are very pleased to take a controlling interest in CEPP which has long been a very good business for us.”

In addition to the assets in this transaction, Globeleq owns and operates hydroelectric and thermal generation throughout the Americas, including COBEE, the largest hydroelectric generator in Bolivia. Globeleq also has interests in power plants in Peru, Guatemala, Nicaragua, the Dominican Republic and Jamaica.

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 2,700 MW of generation capacity, reaching a current total of more than 2,800 MW. Globeleq is actively pursuing further acquisitions and new project development. Globeleq Ltd, the parent of the Globeleq group of companies, is a Bermuda limited company.