International Power Completes Acquisition of 1,857 MW Portfolio of Peaking Plants in the US - 07/30/08
LONDON – 30 July 2008 - Further to our announcement on 12 May 2008, International Power has successfully completed the acquisition of the 1,857 MW portfolio of peaking generation facilities, located in the Pennsylvania, New Jersey and Maryland (PJM) and Midwest Independent System Operator (MISO) power pools, from a subsidiary of Tenaska Power Fund, L.P. (TPF) and an affiliate of Warburg Pincus LLC (Warburg Pincus), for a purchase price of US$856 million (£432 million). The acquisition will be immediately free cash flow enhancing and is expected to be earnings neutral in the first few years with strong earnings growth in future years.
Notes to Editors:
The portfolio comprises the following assets:
| Plant | Capacity | Fuel type | Location |
| Armstrong | 625 MW | Dual – gas/oil | Pennsylvania, PJM |
| Pleasants | 313 MW | Dual – gas/oil | West Virginia, PJM |
| Calumet* | 303 MW | Gas | Illinois, PJM |
| Troy | 616 MW | Dual – gas/oil | Ohio, MISO |
* Calumet is being acquired from a subsidiary of TPF. All other assets are being acquired from a subsidiary of TPF and an affiliate of Warburg Pincus.
An exchange rate of £1: US$1.9804 has been applied in this announcement.
To view related announcements please visit: http://www.ipplc.com/ipr/news/press/pr2008/
For further information please contact:
International Power
Investor Contact:
Aarti Singhal
Telephone: +44 (0)20 7320 8681
Media Contact:
Beth Akers
Telephone: +44 (0)20 7320 8622
About International Power
International Power plc is a leading independent electricity generating company with 33,048 MW gross (20,858 MW net) in operation and 2,971 MW gross (875 MW net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, the Czech Republic, France, Germany, Italy, the Netherlands, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Pakistan, Puerto Rico and Thailand. International Power is listed on the London Stock Exchange with ticker symbol IPR. Company website: www.ipplc.com.