Siemens and Samsung Sign Agreement with Island Power Company Pte. Ltd., - Significant milestone achieved for Singapore Natural Gas power plant

SINGAPORE — 22 January 2007 — Island Power Company Pte. Ltd., a wholly owned subsidiary of InterGen N.V., today announced the signing of a turnkey engineering, procurement and construction (EPC) contract for its 785 MW power plant with the consortium of Siemens AG and
Samsung Engineering and Construction. The power facility will represent an investment of approximately S$1 billion in Singapore.

The EPC contract marks another significant milestone for Island Power, which is Singapore’s first wholly foreign-owned, independent power producer. Upon completion, the Island Power plant will provide Singapore with a low cost, efficient source of electricity using advanced technology.

Under the terms of the EPC contract, the consortium will provide a two-unit combined cycle power plant and associated facilities using the latest “F-technology” combustion turbines.

“The signing of the Siemens and Samsung contract signifies Island Power’s continuing confidence and commitment to Singapore’s long-term strategy for ensuring reliable power supply via a new, liberalised and competitive energy market,” said, Island Power Managing Director
Michael Reading.

Samsung Corporation (Engineering and Construction) President & CEO Mr Sang Dae Lee said: “Samsung is confident that by using the expertise and experience we have developed over decades in successfully delivering major projects worldwide, this power plant will be the best of its kind in Singapore.”

Commenting on the signing ceremony, Siemens Power Generation Group President Klaus Vogues said: “Our highly efficient combined cycle power plant will make a major contribution toward meeting the growing energy demand in Singapore in both an economical and environmentally compatible manner.”

Island Power has already mandated a consortium of nine banks (international and local) to provide debt financing for the project of approximately S$600 million. Financing is expected to be completed in Q1 2007. Construction will commence shortly after the completion of financing and the plant is scheduled to start operations in 2009.

About Island Power

Island Power is Singapore’s only wholly-independent privately owned electricity producer. Island Power has obtained a Generation License permitting it to own and operate up to 800MW of electricity generating capacity in Singapore. Island Power has selected a site on Jurong Island for the development of a 785 MW Combined Cycle power facility, which will generate enough electricity to power over three-quarters of a million households. Island Power is part of power. InterGen, a global power generation firm with 9 power plants representing an equity share of 5,245 MW of production capacity. InterGen plants and development projects are located in the UK, the Netherlands, Mexico, the Philippines, Australia, Singapore and Spain.

For more information, contact:

Joseph Rajendran
Fleishman-Hillard Singapore
Ph: +65 6424 6384
rajendrj@fleishman.com

Kevyn Eng
Fleishman-Hillard Singapore
Ph: +65 6424 6362
Kevyn.eng@fleishman.com