11 May 2009
Marubeni acquires 49% equity interest
in Invenergy Thermal Financing LLC which
owns a portfolio of 1,041MW natural-gas
fired power plants in the United States

Marubeni Corporation ("Marubeni") is pleased to announce its agreement with Invenergy Thermal LLC ("Invenergy Thermal") for the acquisition of a 49% ownership interest in Invenergy Thermal Financing LLC ("ITF"), which in turn owns three natural-gas fired power plants in the United States. All the acquired power projects have long term offtake contracts with utilities and cooperatives with investment grades and are expected to create stable income for long term period.

Invenergy Thermal and its affiliates ("Invenergy") develop, acquire, own and operate large-scale power generation projects in the United States, Canada and parts of Europe. Invenergy favors clean energy generation technologies, with particular focus on wind and natural-gas fired generation assets. It has approximately 2,000MW of wind projects and 2,800MW of natural gas-fired facilities in operation and under construction. Invenergy also has a leading portfolio of projects that are being developed by its highly experienced management team.

The acquired power projects include; (see Asset Portfolio page)

    • 1. Hardee Power Plant, a 370MW combined-cycle/peaking plant in Florida ("Hardee")
      2. Spindle Hill Power Plant, a 314MW peaking plant in Colorado ("Spindle Hill")
      3. Cannon Falls Power Plant, a 357MW peaking plant in Minnesota ("Cannon Falls").
  • From strategic point of view, the North American market is particularly attractive given the scale, liquidity and important for Marubeni IPP business to sustain its growth. This acquisition will give Marubeni a foothold in North American market. Marubeni will continue seeking high quality investment opportunities in North America.

    Upon completion of the ITF transaction, Marubeni's total generating capacity, worldwide, will be 24,541 MW (gross) and 7,483 MW (net).