ACE Power Generation Ltd.

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ACE Power Generation Anuradhapura and ACE Power Generation Matara were to manage two 20 MW, diesel fired plants in Horana and Matara, respectively. Sponsors of the project were: Aitken Spence and Company (51%); Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK)(29%), Wartsila Development and Financial Services of Finland (10%) and Banaras House Ltd. Of India (10%). The project was financed by debt in the form of a US$24 million term loan and a Rs. 357 million (US$3.72 million) debenture that was to be listed on the Colombo stock exchange. Both had a 7-year term. The project entered service in first quarter 2001 under a 10-year BOO scheme. On Nov. 21, 2007, Globeleq sold its 29% share in both Ace Power Generation Horana (Private) Limited and Ace Power Generation Matara Limited to Pendekar Energy Limtited, a consortium in which Malaysian-based Tanjong had a 55% holding and Al Jomaih Holding Co. of Saudi Arabia had a 45% share. This gave Tanjong and Al Jomaih Holding Co. 16% and 13% effective shares in the power projects, respectively.