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6 July 2006 - Globeleq, the emerging markets power company, announced this week the completion of the purchase of power assets in Pakistan and Bangladesh from El Paso Corporation. El Paso received approximately $38m in exchange for its interest in both plants.
The purchase of additional assets in South and Southeast Asia is expected to close later in 2006. The transaction was announced in mid-2005.
This closing includes a significant interest in Fauji Kabirwala, a 157 MW natural gas fired generator in Pakistan. The acquisitions of a significant interest in NEPC, a 113 MW natural gas-fired generator in Bangladesh, closed earlier in the year.
Arun Sen, Globeleq Executive Vice President for Asia, commented: "This closing is a significant milestone in our strategy in Asia. As our business in Asia continues to develop, we will be in a position to meet the growing demand for efficient, reliable generation."
In addition to these newly-acquired assets in Pakistan and Bangladesh, Globeleq owns and operates over 800 MW of natural gas-fired generation in Bangladesh and has interests in power plants in India and Sri Lanka.
With more than $1.5bn in assets, Globeleq is the only operating power company solely focused on the emerging markets of Africa, the Americas and Asia.
The company owns more than 2500 MW of generating capacity globally and one national power distribution company. Globeleq is actively pursuing acquisitions and new project development.
So far in 2006, El Paso has announced or closed approximately $1.4bn of its targeted $1.2bn of asset sales in support of the company's debt- reduction programme.
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