Marubeni Corporation completes acquisition of Mirant''s Caribbean Business

14 August 2007

Marubeni Corporation (Marubeni) has completed the acquisition of the shares of Mirant Caribbean Holdings (MCH) through its wholly owned subsidiary, Marubeni Caribbean Power Holdings, Inc (MCPH) on 8 August, 2007.

Marubeni was awarded the holdings in a competitive auction process held by US independent power producer (IPP) Mirant Corporation and it had signed the definitive sale and purchase agreement with Mirant International Investments on 18 April.

Marubeni now owns controlling interests in two integrated utilities in the Grand Bahama Island and Jamaica and a $40 million convertible preferred equity interest in Curaçao''s national utility company. It has also acquired share interest in IPPs in Trinidad and Tobago and Curaçao.

The total net generating capacity on acquisition is 1,150 megawatts, which includes:

• 55 per cent equity interest in Grand Bahama Power Company on Grand Bahama Island
  
• 80 per cent equity interest in Jamaica Public Service Company in Jamaica
  
• 39 per cent equity interest in the Power Generation Company of Trinidad and Tobago (PowerGen), an IPP that supplies 80 percent of Trinidad and Tobago''s total electricity demand
  
• 25.5 per cent equity interest in Curaçao Utilities Company, which supplies electric, steam and water to PdVSA''s refinery plant on the island of Curaçao and a preferred share ownership interest in Aqualectra, an integrated water and electric company in Curaçao.

Marubeni''s financial advisor in the transaction was Mizuho Corporate Bank. The total purchase price was funded by Marubeni''s own equity and debt facilities raised from the group of banks consisting of Mizuho, ING, Calyon, ABN AMRO and National Commercial Bank Jamaica and NCB National Markets Limited. Marubeni is seeking for Japan Bank of International Cooperation (JBIC)''s cooperation for long-term take-out mezzanine finance

Marubeni is actively growing its strong global power sector asset portfolio. This transaction enables Marubeni to expand its IPP and transmission and distribution presence through integrated utilities in the Caribbean region.