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5 November 2004 - International Power (IPR) has successfully completed the acquisition of a 75 per cent shareholding in the 990 MW Combined Cycle Gas Turbine Turbogas power station in Portugal ("Turbogas") from RWE Power AG (RWE).

As per the terms of the acquisition agreement, the purchase price of €205m ($264m), announced on 20 July 2004, has been adjusted to a final cash payment upon closing of €193m to reflect cash distributions to shareholders during 2004.

In addition, the Company has signed a sale and purchase agreement for a further 5 per cent interest in Turbogas for €13.6 million from Koch Transporttechnik. This acquisition is expected to complete by the end of February 2005.

Energias De Portugal (EDP), which currently owns 20 per cent of Turbogas, waived its pre-emption rights over the 75 per cent shareholding that IPR has now acquired. IPR has also granted EDP an option to purchase a 20 per cent interest in Turbogas and 26.7 per cent of Portugen (the Operations and Maintenance company) for €55.7m subject to a price adjustment mechanism. This option may be exercised either during the period of nine months from today's completion, or during a term beginning on 1 January 2008 and ending on 31 December 2009.

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