Globeleq sells minority stake in Chilean generator

HOUSTON , 15 August 2005 – Globeleq, the emerging markets power company, announced today that it has sold its minority shareholding in San Isidro, a gas-fired generating plant in Chile, to Endesa Chile.

“Chile and the countries of the Andean Ridge are key markets for us in South America and we will continue to evaluate opportunities in those markets to acquire and develop new power generation businesses,” said Stephen Pearlman, Globeleq Senior Vice President for Americas. “The divestiture of our minority position in San Isidro is consistent with Globeleq’s strategy to control and operate the generation plants we own in the emerging markets of Africa, the Americas and Asia.”

Endesa Chile, a subsidiary of Spanish energy company Grupo Endesa, is the majority shareholder and operator of San Isidro. Globeleq owned, through its majority position in Southern Cone Power, Ltd., a 17% share of San Isidro.

Following the transaction, Globeleq continues to have over 700 MW of generating capacity in the Americas, including COBEE, one of the largest generating companies in Bolivia.

With investments of over $550 million, 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 2,200 MW of generation capacity, reaching a total of more than 3,000 net equity MW in 20 projects in 15 countries. Globeleq is actively pursuing acquisitions and new project development.