CDC Meghnaghat Ltd.

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AES Corp. undertook this project through its wholly-owned subsidiary AES Meghnaghat Ltd. AES was the 100% owner of the 450-MW Meghnaghat and 360-MW Haripur power projects, which it brought on-line in 2002 and 2001 respectively. The plants sold their output to the Bangladesh Power Development Board under long-term contracts, providing about 25% of the country's power supply. The ADB approved a US$140 million financing package. The ADB financing consisted of a US$ 50 million direct loan, US$ 20 million in syndication, and a US$ 70 guarantee. The sponsor is providing US$ 80 million in equity and a government-owned bank approved a US$ 80 million loan (a US$ 60 million subordinated facility and a US$ 20 million senior facility). In December of 2003, AES completed the sale of the Haripur and Meghnaghat power plants to London-based CDC Globeleq (the energy subsidiary of the 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 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 Meghnaghat Power Limited from Globeleq and Islamic Development Bank.