Contracts for Mindanao Power Project Signed / STEAG is going to build a 232 MW power plant on the Philippine island of Mindanao

Essen, Germany (ots/PROTEXT) 1.12.2003 - STEAG has reachedanother milestone in its Independent Power Producer (IPP)business: On 1 December 2003, in Manila, representatives ofbanks, of the Philippine public utility National PowerCorporation (NPC/PSALM), and of SITI and STEAG as projectdevelopers and investors signed the financing contracts for theMindanao power plant project. "For STEAG, this is another bigstep forward," said Management Board member Dr. Heinz Scholtholtin informal talks on occasion of the contract signing ceremonyin the capital of the Philippines. Only a few days ago, on 22November 2003, STEAG had reported commencement of commercialoperation of its Iskenderun Power Plant in Turkey.

Construction of the company's new 355 million dollar projectMindanao is planned to take 36 months. The plant is scheduled togo on stream in 2006 and will supply the island's population of20 million with electricity. The two generating units, with acapacity of 116 MW each, will operate on local and imported hardcoal. The plant is designed to meet the high environmentalstandards of the Government of the Philippines and of the WorldBank.

The Mindanao plant will be STEAG's third power plant projectabroad, following Termopaipa in Colombia (165 MW) and Iskenderunin Turkey (1,320 MW). In Germany, STEAG operates five powerplants in the Rhine/Ruhr region and two other IPP plants inLeuna (158 MW) and in Cologne-Godorf (215 MW).

Mindanao hard coal-fired power plant Facts and figures

Capital expenditure:

USD 355 million Construction & commissioning period: 36 months Capacity:

210 MWnet Commencement of commercial operation: December 2006

Pictures are available at: www.steag.de ots Original Text Service: STEAG Internet:http://www.presseportal.de Contact: Dr. Peter Rzeznitzeck, Tel: ++49 (0)201/801-2427peter.rzeznitzeck@steag.de

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