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Philippine President Estrada Inaugurates Quezon Power Project.

Business Editors and Energy Writers

MAUBAN, Philippines--(BUSINESS WIRE)--June 29, 2000

Philippine President Joseph Estrada today presided over the inauguration of the Quezon Power Project, a 440 megawatt coal fired power facility owned by Quezon Power Limited, a consortium composed of InterGen, Ogden Energy Group, Inc., Global Power Investments, L.P. and the PMR Group.

Quezon Power is the first privately built, owned, and operated power generating facility in the Philippines and the first power station in the country to be financed without government or sovereign guarantees. The project has a twenty-five year power purchase agreement with Manila Electric Company (Meralco), the largest electric distribution company in the Philippines and will provide additional load stability for the Luzon power grid.

President Estrada addressed an assembly of 500 local residents, U.S. and Philippine government officials and Quezon Power Limited sponsors. He remarked that the dedication ceremony was taking place at the threshold of major landmark developments -- key legislative measures mandating the restructuring, reform and modernization of the Philippine electric power industry. "Under the power reform program, scarce government resources are shifted to more critical social services as private investments are encouraged to come in and bridge the investment gap," said President Estrada.

In thanking President Estrada for his participation in the inauguration event, Quezon Power General Manager Greg Daul cited the benefits that the power station is bringing to the region. "Quezon Power will enable the government to electrify certain rural areas for the first time, underpin regional economic development, provide affordable and reliable energy and achieve these goals through a facility that is compatible with the environment," Daul noted.

The Quezon Power facility utilizes low-sulfur coal imported from Indonesia, handled via a dedicated port and storage facility. The complex also features an on-site desalination plant for the facility's water needs, low NOx burners, a flue gas scrubber and electrostatic precipitators.

Ogden Philippines Operating, Inc, a division of Ogden Corporation (NYSE:OG) is the operator of the power facility, which commenced commercial operation in the second quarter.

Quezon Power Limited is notable for the series of ambitious infrastructure and community development initiatives the company has sponsored. Quezon Power has funded road and bridge construction projects, drainage and water system initiatives and the construction of an elementary school. In addition, the company has initiated an environmental and forest conservation education program for hundreds of local students and teachers in 10 schools, conducted medical and dental outreach programs for thousands of local residents, instituted a micro-enterprise development program and sponsored scholarship programs.

About InterGen

InterGen is an international power generation firm. The company is operating or building a total of ten power stations representing 7,190 MW. It also has secured contracts, bid awards or governmental mandates for power stations representing an additional 5,180 MW. InterGen has projects operating and under construction and/or mandate in the United Kingdom, the Philippines, Colombia, Mexico, China, Egypt, Brazil, Australia and Turkey, and is developing projects across the globe. InterGen is a Shell-Bechtel venture.

About Ogden Energy Group

Ogden Energy Group, a division of Ogden Corporation (NYSE: OG), is a global developer, owner and operator of independent power projects and provides related infrastructure services at 64 plants in nine countries, with a rated generating capacity of 2,567 MW. Ogden will provide operations and maintenance services for the Quezon facility under a 25-year contract.

About PMR Limited

PMR Limited Co. is a Philippine limited partnership formed by PMR Holdings. The formation of PMR Power resulted from the encouragement by the Philippine Government of third-party participation in power plant development as a way to resolve the severe power shortages of 1992 and 1993. PMR has significant expertise in the Philippine power industry.

About Global Power Investments

Global Power Investments, L.P. is a limited partnership consisting of GE Capital Structured Finance Group; an affiliate of Soros Fund Management, L.L.C.; the International Finance Corporation (IFC), a member of the World Bank Group; an affiliate of American Insurance Group (AIG), MedioCredito Centrale; and an affiliate of Lend Lease Corporation of Australia. The partnership has investments in projects in Latin America, Asia and the Pacific Rim.

Visit the InterGen website at www.intergen.com

Visit the Ogden website at www.ogdencorp.com or through the company's automated information system at (888) 643-3612
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Publication:Business Wire
Date:Jun 29, 2000
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