July 22, 2008
AEI Expands into Pakistan, Strengthens Asian Presence
AEI announced today that it has acquired a controlling interest in DHA Cogen Limited (DCL), located in Karachi, Pakistan. Closing of the acquisition, which includes AEI's right to hold up to a 52.99 percent interest in DCL, occurred July 18. The terms of the transaction have not been disclosed.
While the transaction marks AEI's first venture into the Middle East, the DCL acquisition strengthens AEI's overall Asian presence. AEI recently acquired Luoyang Yuneng Sunshine Cogeneration Co., Ltd. in China, and previously acquired gas distribution franchises through the acquisitions of Beijing MacroLink Gas Co., Ltd. and Tongda Energy Private Limited.
"We are pleased to enter the Pakistani market and establish a presence in this fast-growing economy," Emilio Vicens, Vice President of Business Development, said of the transaction. "This acquisition strengthens our presence in Asia and demonstrates our commitment to growing AEI's platform in this region."
DCL consists of a 94-megawatt combined-cycle gas-fired power plant and a water desalination facility. It is the first desalination facility in Pakistan. Achieving commercial operation on April 17, 2008, DCL currently sells all its power through a 30-year Power Purchase Agreement with Karachi Electric Supply Company, and its steam is used to produce three million gallons of desalinized water per day. This water serves approximately 100,000 households daily. Located in the heart of Karachi, DCL helps alleviate the area's chronic water shortage while boosting the city's power supply.
AEI is a company that owns and operates essential energy infrastructure businesses in emerging markets worldwide, with more than $3.2 billion in revenues in 2007. AEI manages interests in a group of 37 energy companies with operations in 19 countries and approximately 13,400 employees. The Company serves more than 6.4 million customers worldwide by operating businesses in Power Distribution, Power Generation, Natural Gas Transportation and Services, Natural Gas Distribution, and Retail Fuel, with approximately 35,000 km of gas and liquids pipelines, 163,000 km of power distribution lines, over 1,750 gasoline stations and a gross installed capacity of over 2,000 MW. You can visit AEI's website at www.aeienergy.com.