HOUSTON, April 27 /PRNewswire/ -- Globeleq, the emerging markets power
company, announced today the completion of its acquisition of Compania
Boliviana de Energia Electrica (COBEE), also known as the Bolivian Power
Company, from NRG Energy (NYSE: NRG).
COBEE is one of the largest generation companies in Bolivia, serving the
capital La Paz and surrounding area with 204 megawatts (MW) of generation
capacity, 186 MW of which are hydroelectric. COBEE has been a privately-owned
company since its founding nearly 80 years ago.
"COBEE's important position in the Bolivian electric sector makes it an
excellent fit with our strategy of acquiring quality generation assets in the
emerging markets of Africa, the Americas and Asia," said Robert C. Hart, CEO
of Globeleq. "We recognize and appreciate COBEE's unique history, the
company's importance in the Bolivian electric sector and the critical role
that the reliable power COBEE provides plays in the further economic
development of Bolivia." Hart continued, "Bolivia's robust regulatory
structure and transparent processes for the electric sector were key factors
in our decision to make this substantial investment at this time. Those
factors will continue to play a key role in attracting additional
international investment."
"All employees within COBEE see this as an opportunity for both COBEE and
Globeleq to benefit from each other's experiences and expertise. We are all
looking forward to working as part of Globeleq," said Julio Lemaitre,
President & General Manager of COBEE.
With new investments totaling over $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 additional acquisitions, seeking to more than double its operating
capacity with additional investment of $700 million.
SOURCE Globeleq
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Related links:
http://www.cdcglobeleq.com
CONTACT:
Stephen B. Morisseau of Globeleq,
+1-713-355-3450, or cell, +1-713-870-7400, or
Stephen.morisseau@cdcglobeleq.com
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