LONDON, February 4 /PRNewswire/ --

- Long-time director Andrew Reicher takes over as CEO

Globeleq Generation Limited, the developer of new power generation focused solely on the emerging markets of Africa, the Americas and Asia, announced today the appointment of a new Chief Executive Officer and a new Chairman of its Board of Directors.

Torbjorn Caesar, CEO of the Globeleq business since June 2006, was named Chairman of the Board of Directors and Andrew Reicher, a director of the Globeleq business since 2004, was named as CEO. Both appointments are effective immediately.

"This is a major milestone in the development of Globeleq's business," said outgoing-CEO and new Chairman Torbjorn Caesar. "Andrew Reicher has the experience, drive and skill to lead Globeleq as it continues to develop new power generation businesses in the emerging markets. Building on the success in acquiring existing assets, we are now as planned completely focused on developing, building and operating new power plants to help meet the ever-growing demand for reliable, economical electric power using proven technology and the most appropriate fuel for each market."

"This is a tremendously exciting time in the international power business and I am personally excited to have the opportunity lead Globeleq Generation," said newly-appointed CEO Andrew Reicher. "We have a robust pipeline of new projects; an experienced team of developers, engineers, and finance and administrative professionals to turn that pipeline into power plants; strong cash flow from our businesses in sub-Saharan Africa to support our development activities and committed capital to invest."

Andrew Reicher is part of the group that created the Globeleq business and served on Globeleq Ltd's Board of Directors since 2004. As CEO he will continue as a member of the board. Prior to this appointment, Mr Reicher was a partner in Actis, the leading private equity investor in emerging markets which owns Globeleq. From 2004 until 2006 he was responsible for Actis's investments in the energy sector. His previous career was in business development and investing in emerging markets, building on his experience in investment banking. He holds degrees in Economics from Cambridge University and the University of Pennsylvania.

Globeleq is a developer, builder and operator of power generation businesses in the emerging markets of Africa, the Americas and Asia. Globeleq Generation Limited, the top level holding company of the Globeleq group of companies, is a Bermuda-registered corporation. Globeleq Ltd was sold in a transaction that included several operating power generation subsidiaries.

Web site: http://www.globeleq.com

Stephen Morisseau of Globeleq, +1-713-355-3450, stephen.morisseau@globeleq.com ; Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20040611/DAF004LOGO, AP Archive: http://photoarchive.ap.org, PRN Photo Desk, photodesk@prnewswire.com