Qujing - Phase II

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Meiya Power Company Limited (MPC) acquired a 37% interest in a 4 x 300MW coal-fired power plant in Qujing, Yunnan Province, for US$35.76 million in May of 2003. Situated in the city of Qujing in Yunnan, the first phase project involved the construction of two 300-MW coal-generating units. The project started in December 1995 and went into full operation three years later. The Yunnan Provincial Development & Investment Company, the State Development & Investment Company, the Yunnan Electric Power Group and the Guangdong Electric Power Company acted as the four investors, owning a respective stake of 37%, 36%, 19% and 8% in the project. The Qujing Phase-II Project was considered to be one of the major components of China's "West-East Power Transmission Project" and started on November 25, 2001. The project also consisted of the installation two 300 MW coal-fired generating units. The first unit was expected to become operational at the end of October 2003 while the second unit was expected to become operational in early 2004. Completion of the second phase project was to make the Qujing Power Plant the largest thermopower plant in Yunnan. The Yunnan Provincial Development & Investment Company was the investing arm of the provincial government, and after it relinquished the 37% stake, MPC became the second largest shareholder in the Qujing Power Plant after the State Development & Investment Company. MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%). In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million. None None