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17 April -- Globeleq announced today the completion of the purchase of power assets in Panama and the Dominican Republic from El Paso Corp. 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-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."
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