HOUSTON, Dec. 14 /PRNewswire/ -- Globeleq, the emerging markets power
company, announced that it has completed the acquisition of the majority
interest in the 685 megawatt (MW) natural gas-fired power station at Sidi
Krir, Egypt, from InterGen.
Robert Hart, CEO of Globeleq, commented, "This acquisition establishes
Globeleq in North Africa, solidifying our presence on the continent and
positioning us for further expansion. The Sidi Krir management and operations
teams will join Globeleq, adding their expertise and experience in providing
exceptional performance."
Sidi Krir Generating Company's General Manager, Tom Thomason stated: "The
operating team is looking forward to working as part of Globeleq who
recognizes and values the experience and expertise of Sidi Krir and its
operating team." All of the existing third party long-term maintenance
contracts for the plant and contractual arrangements for fuel supply and
electricity offtake also remain unchanged.
The plant, which is 30 km (20 miles) west of Alexandria on the
Mediterranean coast, uses gas supplied by the Egyptian National Gas Company
(GASCO), the government owned gas distribution company and produces power for
the Egyptian Electricity Holding Company (EEHC). Globeleq has purchased
InterGen's stake in Sidi Krir joining Edison SpA, which owns the 39% balance
of the project.
With new investments of more than US$450 million, Globeleq is the fastest
growing operating power company solely focused on the emerging markets of
Africa, the Americas, and Asia. Since 2002 the company has acquired more than
2,000MW of generation capacity, reaching a total of more than 2,800 net equity
MW in 20 energy assets in 15 countries. Globeleq is actively pursuing
acquisitions, seeking to more than double its operating capacity.
SOURCE Globeleq
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Related links:
http://www.cdcglobeleq.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20040611/DAF004LOGO
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Stephen Morisseau of Globeleq,
+1-713-355-3450, or stephen.morisseau@globeleq.com
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