Globeleq Acquires 70% of Central American Renewable Energy Business

LONDON, January 20 - Globeleq Generation Limited, the emerging markets power company,
announced the acquisition of a majority interest in Energias Renovables de
Mesoamerica S.A. (ERM or Mesoamerica Energy), the owner, operator and leading
developer of wind projects in Central America.

ERM owns and operates a 23MW wind energy plant in Tilaran, Costa Rica and
is developing in Honduras, the Cerro de Hula wind energy project with a
designed capacity of 100MW. Additionally, ERM owns the rights of several
potential renewable energy projects in the region.

"This is a very exciting acquisition for Globeleq. Wind power provides a
clean, reliable and affordable alternative source of electricity generation
and is an integral part of our strategy," said Mikael Karlsson, Globeleq's
CEO. He added: "The addition of ERM's expertise and portfolio to the company
positions us for further opportunities to develop sustainable and renewable
energy businesses, enabling us to bring essential power to Central America
and beyond."

Globeleq will acquire a 70% controlling interest in ERM from prominent
business groups in Central America, represented by Mesoamerica - the region's
foremost M&A advisory, strategic consulting and private equity firm. The
remaining interest in ERM will continue to be held by the current
shareholders. Luis Javier Castro, Managing Partner of Mesoamerica commented:
"With Globeleq, we look forward to a partnership that will allow us to
continue with our vision of bringing about competitive, clean energy in a
transparent, socially responsible manner."

Jay Gallegos, CEO of ERM added: "Being part of an experienced
international operating company like Globeleq provides a great opportunity
for all of us. Globeleq, Mesoamerica and ERM are combining investment,
expertise and resources to bring clean, reliable and affordable renewable
technologies to the region. This combination creates a platform for building
a leading renewable energy business in Central America. Together we look
forward to bringing the Cerro de Hula project in Honduras and other projects
in our development pipeline to fruition."

About Globeleq Generation Limited

Globeleq 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. For more
information go to www.globeleq.com

About ERM

ERM is a company dedicated to the development, construction and operation
of renewable energy projects in Central America and adjacent regions. For
more information go to www.mesoamericaenergy.com

About Mesoamerica

Mesoamerica, founded in 1996, is the leading M&A advisory, strategy
consulting and private equity group in Central America. The firm has offices
in San Jose, Costa Rica, and Bogota, Colombia, from where they provide
services to the Central America and Andean regions. For more information go
to www.mesoamerica.com

Paul York, +1-713-355-3450, Fax, +1-713-355-3847, info at globeleq.com, or Susan Wilkins, +44(0)207-234-5400, Fax, +44(0)207-234-5486, both for Globeleq Generation Limited; Logo: www.newscom.com/cgi-bin/prnh/20040611/DAF004LOGO