Sponsors

The Project is to be developed on a buy, build, own, operate basis by a special purpose vehicle formed to own the project (the “TAPCO”). The successful bidder, Asia Gulf Power Holding Co (the “AGPH”), is a 40% shareholder in the Project Company, and will have responsibility for implementing the Project. A wholly-owned subsidiary of ADWEA Taweelah United Power Company (the “TUPC”) is the 60% shareholder in the Project.

Following is a brief description of the Sponsors of Taweelah B Project.

ADWEA was established by the Government in order to undertake the privatisation of the electricity and water sector in the Emirate. In order to fulfil its goals it is tasked with formulating policy in relation to the management of supply and demand of power and water in the Emirate, appointing the management of ADWEC and Transco, and managing the tendering of contracts to the private sector to supply power and water.

Marubeni Corporation is the lead developer of this Project. Marubeni Corporation was founded in 1858 and is one of the leading general trading companies in Japan and in the world as well. Its business covers a wide range and currently has 138 offices, about 5,250 employees, and 549 affiliate companies throughout 54 countries. In power sector, Marubeni has IPP/IWPPs’ global portfolio of 5,255 MW in operation and 1,072 MW under construction around the world and has also realised EPC turn-key contracts more than 69,000 MW of generating capacity as a EPC contractor for over thirty years since the mid-1960s.

Website of Marubeni Corporation: http://www.marubeni.com/index.html

The BTU Group (BTU) is a growing, diversified group of companies engaged in project development, equity investment, and asset management, focusing on the energy and energy-related industries in the Middle East, North Africa, and North and South East Asia.  The BTU Group’s business model leverages the energy and capital resources of the Middle East and North Africa, to upgrade the global competitiveness of energy and energy-related industries in emerging markets.  The BTU Group targets project opportunities across the midstream and downstream segments of the energy value chain, with an investment focus anchored around the power industry and related synergistic opportunities in the gas and water industries.

Since it’s formation in 2002, BTU has grown its business through a number of strategic acquisitions, including:

• the acquisition of a 60% equity interest in Carthage Power Company ("CPC"), which owns and operates a 471 MW gas-fired power generation facility in Radès. CPC is Tunisia's first IPP and provides more than 20% of the Tunisian electricity generation capacity. BTU Power Company will also operate the plant, through BTU STEAG O&M Services Company
• the acquisition of a 50% interest in Meiya Power Company (“MPC”), which in turn owns 15 operating projects and 3 projects under development, in China, South Korea and Taiwan, with a gross generation capacity of 5,567 MW, with 3,689 MW in operation, 625 MW under construction and 1,253 MW under development.  MPC is scheduled to list on the Singapore stock exchange in October 2005.

The BTU Group has close to $600 million in committed capital exclusively for power generation and water desalination projects, and is in the process of increasing its capital to $1 billion.  Shareholders of the BTU Group include leading publicly traded companies, institutional investors and investment banks in the Gulf Cooperation Council (“GCC”) countries,

BTU boasts a highly qualified and balanced team of industry and finance professionals. Over their careers, team members have closed more than $20 billion worth of energy projects, and combine all of the necessary experience for acquiring, developing, structuring and managing projects from origination to financial close and thereafter, through operations and maintenance services, investment management and asset disposition. Most members of the BTU team have extensive experience in working in the Middle East and North Africa, and some have lived for extended periods in the region.  These professionals bring to BTU deep regional and industry knowledge gained from their former affiliations, including Black & Veatch, CMS Energy, CIBC, CDC, Globeleq, El Paso, GE Capital, Kuwait Petroleum Corporation, Ogden Energy, PwC, PacifiCorp, U.S. Ex-Im Bank, Westinghouse, The World Bank, and other familiar names in the financial and energy industries.

Powertek Berhad commenced business as one of the five pioneer Independent Power Purchasers (“IPP”) in Malaysia with its first privatised licence to build, own and operate (“BOO”) a 440 MW Open Cycle Gas Turbine (“OCGT”) power plant on a fast track basis in 1993.  The power plant was completed on record of less than 13 months from ground breaking in 1994 and was fully commissioned in 1995.  In 1996, Powertek became the 1st Infrastructure Project Company to be listed on the local stock exchange of Malaysia. In 1999, Powertek continued to grow with the 100% acquisition of the 330 MW Combined Cycle Gas Turbine (“CCGT”) power plants from the national utility company, Tenaga Nasional Berhad. In 2003, it completed yet another fast track and BOO green field project of 720MW CCGT power plant within a period of 27 months. Currently, Powertek Group is the second largest IPP in Malaysia.  

In 2003, Powertek become a wholly-owned principal subsidiary of Tanjong plc which is listed on both the London Stock Exchange plc and the local stock exchange. Tanjong plc’s market capitalization is in excess of USD 1.5 billion as at 31 July 2005. All its power plants in Malaysia are accorded with the international accreditation of ISO 9000 quality management standards. Two of its plants are also certified for the ISO 14000 and OHSAS 18000 in respect of the environment and occupational safety and health management standards.

Since the company's establishment in 1928, in Yokohama, Japan, JGC Corporation ("JGC") has established itself as one of the world's leading international EPC contractors. It has accumulated a considerable level of EPC experience through the performance of more than 20,000 projects, in more than 70 countries.  JGC has a strong background in lump-sum turnkey operations of both hydrocarbon and non-hydrocarbon related projects, with annual sales of approximately US$3 billion to US$4 billion.  With excellent expertise based on the most reliable project execution, and highly competitive engineering and construction skills, JGC is one of the most reputable EPC contractors in a variety of fields for the execution of large-scale projects worldwide. In the field of power generation, JGC has constructed large-scale power generation plants including cogeneration and combined cycle systems.  JGC has completed power generation plants in a number of countries including Saudi Arabia, Qatar, Pakistan, India, Philippines, and Japan. Meanwhile, JGC has established in April 2003 its affiliate, the GTF Institute, as a power producer for power supply to the domestic market, as a gas turbine power plant.  On the basis of its successful operation and management, expertise in power generation, from project development to operation and maintenance (O&M), has been accumulated in our engineering approach. Drawing on its engineering and O&M expertise, JGC is aggressively exploring all possibilities of project development and investment in the infrastructure field in the most effective manner, both technically and economically.  Maximizing our remarkable project execution capabilities, accumulated engineering and construction expertise, project development including IPP as well as IWPP is now the focus of intense interest as a new domain for JGC in response to and extensive potential market, especially in the Middle East.

The company's World Wide Web can be accessed at http://www.jgc.co.jp