CDC Haripur Ltd.

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AES was commissioned to build, own and operate the 360-MW gas fired combined cycle power plant located south of Dhaka, Bangladesh. AES was the 100% owner of the 360-MW Haripur and 450-MW Meghnaghat projects which it brought on-line in 2001 and 2002 respectively. The plants sell their output to the Bangladesh Power Development Board under long-term contracts, providing about 25% of the country's power supply. The IFC approved a US$ 59.85 million financing package (US$ 40 million direct loan, US$ 14.1 million syndication and US$ 5.75 risk management facility). The IDA/IBRD approved a US$ 60.9 million guarantee to a commercial bank loan to the project; and the sponsors have provided US$68 million in equity. In December of 2003, AES completed the sale of the Haripur and Meghnaghat power plants to London-based CDC Globeleq (subsidiary of Commonwealth Development Corporation) in a deal valued at US$448-million. AES said it received US$144 million in cash from the sale and the buyer assumed US$304 million in project debt. In 2006, Globeleq sold a 24% stake in the plant to Islamic Development Bank. On Nov. 21, 2007, Pendekar Energy Limited - a consortium of Malaysian-based Tanjong (55%) and Saudi Arabia's Al Jomaih Holding Co. (45%) - acquired 100% of Haripur Power Limited from Globeleq and Islamic Development Bank.