Globeleq Increases Ownership in Cote d'Ivoire Power Plant

LONDON, November 1, 2010 - Globeleq Generation Limited, the emerging markets power company,
announced it has substantially increased its ownership to obtain a majority
interest in the Azito gas-fired power plant near Abidjan in Cote d'Ivoire.

Earlier in the year, Globeleq signed agreements with EDF Group and ABB
Equity Ventures to pursue acquisition of both entities' shareholdings in
Azito. The transaction was successfully completed after the necessary
regulatory, legal and financial consents were attained by all parties to the
agreement. Industrial Promotion Services (IPS) retains the remaining
shareholding in Azito.

The facility generates approximately 290 MW and supplies over one-third
of essential electricity to the country through the privately owned
electricity company, CIE. The plant operates under a 24 year concession.
Globeleq has held an interest in Azito Energie since 2003 and has
participated as a member of the Azito Energie Board. The agreed transaction
price with EDF and ABB will not be disclosed.

In co-operation with the Government of Cote d'Ivoire, Globeleq and IPS
are leading a project to expand and convert the existing plant from a
single-cycle power plant to a more efficient combined cycle power plant. This
will increase the capacity of the plant by 50% to approximately 420 MW
without the need for additional gas and with no additional CO2 emissions.

Globeleq's CEO, Mikael Karlsson commented: "This is a very important
transaction for Globeleq. To acquire a majority position in a plant that we
know well and with a significant expansion project in development, it enables
us to become a more significant player in the region's electricity sector. It
is a big step forward for the implementation of Globeleq's strategy to become
the leading power company in Africa."

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

Paul Kunert, Head of Business Development, Africa & Asia, Globeleq Generation Limited, +44-(0)207-234-5400. LOGO: photos.prnewswire.com/prnh/20040611/DAF004LOGO; www.newscom.com/cgi-bin/prnh/20040611/DAF004LOGO