Globeleq Signs Expansion Agreement for Cote d'Ivoire Plant

LONDON, Oct. 14, 2011 -- Globeleq Generation Limited, the emerging markets power company, announced its subsidiary Azito Energie SA has signed an amended Concession Agreement with the Government of Cote d'Ivoire to expand the 288 MW Azito power plant near Abidjan.

The existing Azito plant sells power under a 24 year Concession Agreement with the Government. The expansion, which converts the power plant to a more efficient combined cycle plant by adding a steam cycle to the two existing gas turbines, will increase plant capacity by 50% to about 420 MW. The new capacity will use no additional fuel and will not create any further carbon emissions.

Globeleq's CEO, Mikael Karlsson commented: "This agreement is a significant achievement for all stakeholders. The expanded plant will increase efficiency, producing clean and reliable energy equivalent to approximately 50% of Cote d'Ivoire's total electricity demand. Globeleq is proud to contribute to the expansion of the electricity sector with the positive impact on the economic development of Cote d'Ivoire and further establishing Globeleq's strategy to be the leading power company in Africa."

About Globeleq Generation Limited

Globeleq, an Actis portfolio company, is an experienced operating power company, actively developing energy solutions for the emerging markets of Africa, the Americas and Asia. The company develops economically sustainable projects that support the continued development of the electric power sector in these regions.