STEAG State Power Inc.

Aboitiz Power Corporation, a company listed in the Philippine Stock Exchange engaged in power generation and distribution, buys a 34 percent share from Evonik Industries AG in its Philippines special purpose company STEAG State Power Inc. The transaction closed November 15, 2007. Evonik remains the majority shareholder of STEAG State Power Inc. with its indirectly held 55 percent share. Another 11 percent share in the company is held by the local project partner State Investment Trust Inc.

STEAG State Power Inc. operates the coal-fired power plant Mindanao on the Philippine island of the same name. The plant was put into commercial operation in November 2006; the investment volume amounted to US$305 million. It has an installed capacity of 232 megawatts and generates about 1 billion kilowatt hours of power each year. This covers about 15 percent of the electricity needs of the island, which has some 14 million inhabitants. The electricity generated is supplied to the Philippine state-run National Power Corporation over a period of 25 years. The Mindanao plant is the third coal-fired power plant designed, financed, built and operated by Evonik abroad, after the Termopaipa (Colombia) and Iskenderun (Turkey) projects.

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