Island Power Company Mandates Finance for SGD$665 Million - Sets milestone to provide low cost efficient power supply in Singapore

SINGAPORE (November 9, 2006): Island Power Company Pte. Ltd., a wholly owned subsidiary of InterGen N.V., announced today it has mandated a consortium of 9 banks to finance its electricity generation project, expected to cost approximately S$1 billion. The company plans to construct a highly cost-efficient competitive electricity plant in Singapore.

The mandated banks are Banca Intesa S.p.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, Export Development Canada, The Hongkong and Shanghai Banking, Corporation Limited, KBC Bank N.V., Mizuho Corporate Bank, Ltd., nabCapital, a division of National Australia Bank Limited and Oversea-Chinese Banking Corporation Limited.

With the signing of the mandate now completed, and due diligence currently underway, it is anticipated that the finance facilities will be executed in Q1 2007. The appointment of the bank consortium is part of Island Power’s overall commitment to operating in Singapore’s electricity market.

“The mandating of the banks is one of our major milestones and a substantial step forward in Island Power building a low cost, efficient power station in Singapore.” said Michael Reading, Managing Director, Island Power Company Singapore.

Island Power plans to build a 785MW two unit combined cycle plant and associated facilities using the latest “F-technology” combustion turbines. The plant is expected to commence construction in 2007 and is scheduled to start operations in 2009.

The power plant will be constructed under a fixed price, date certain turnkey contract. It will be fuelled by natural gas from Conoco Phillips from South Sumatra gas fields under a 15-year Gas Supply Agreement. The project will be connected to Singapore’s high voltage electricity grid and high-pressure natural gas transportation network at locations near or adjacent to the power station’s approximately 10-hectare Jurong Island site.

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 can generate enough electricity to power over three-quarters of a million households.

Island Power is a subsidiary of InterGen, a global power generation firm, with 9 plants representing an equity share of 5,245 MW of production capacity. InterGen plants are located in the UK, the Netherlands, Mexico, the Philippines and Australia.

For more information, contact:

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

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