Sithe Global and IPS establish a New Hydroelectric Station in Uganda

Sithe Global Power, LLC, through its special purpose affiliate SG
Bujagali Holdings, Ltd., (collectively, "Sithe Global") announced
today with its partner, Industrial Promotion Services (K) ("IPS"), an
affiliate of the Aga Khan Fund for African Development ("AKFED"), that
their jointly owned special purpose company, Bujagali Energy Limited
("BEL"), a Ugandan company, has closed financing on a USD 682MM
construction debt facility for the 250 MW Bujagali hydroelectric
station located on the Nile River in Uganda, Africa. Multilateral and
bilateral debt will be provided by European Investment Bank,
International Finance Corporation ("IFC"), African Development Bank
("AfDB"), Nederlandse Financierings-Maatschappij voor
Ontwikkelinsslanden N.V. ("FMO"), Societe de Promotion et de
Participation pour la Cooperation Economique ("Proparco")/Agence
Francaise de Developpement ("AFD"), DEG-Deutsche Investitions-und
Entwicklungsgesellschaft MBH ("DEG") and KfW. Commercial debt will be
provided by Standard Chartered Bank and Barclays/Absa Capital with
Partial Risk Guarantee cover provided by International Development
Association. The construction debt facilities committed for the
project include USD 90MM in contingency and debt service reserve. A
total of USD 190.9MM of equity for the Bujagali Project is being
funded by Sithe Global, IPS and the Government of Uganda ("GOU").
Sithe Global´s equity, which comprises approximately 65% of the total
sponsor equity commitment/ownership in the project, is being funded by
its majority owner, The Blackstone Group, together with investment
funds managed by Reservoir Capital Group and Sithe Global management.
Sithe Global has also secured Covered Risk insurance for its equity
investment from the Multilateral Investment Guarantee Agency. IPS´s
equity, which comprises approximately 35% of the total sponsor equity
commitment/ownership in the project, is being funded by AKFED, Jubilee
Investment Company Limited and by IPS itself. Additional equity is
being provided by the GOU. The Bujagali project is being undertaken as
a "Public Private Partnership" between the GOU and the State-owned
transmission company, Uganda Electricity Transmission Company Limited
("UETCL") on the one hand, and Sithe Global and IPS on the other.
Sithe Global and IPS were selected pursuant to a competitive
international bidding process.

Uganda has one of the lowest rates of electrification in the world
and currently faces a serious economic crisis due to the lack of power
generating facilities capable of producing electricity at affordable
prices. Uganda´s electricity demand growth has outstripped the
capacity of existing hydroelectric power generation facilities on the
Nile River, causing severe disruptions to Uganda´s economic activities
and forcing reliance on expensive emergency generators that burn
diesel transported by tanker trucks over long distances. The Bujagali
project will provide substantial additional hydroelectric power
generation capacity, producing power at a levelized cost of
approximately USD 6.5 cents versus the current approximately USD 31
cents cost of diesel generation units, thus addressing a national
policy priority and facilitating Ugandan economic growth.

The Bujagali project will be comprised of a dam and hydropower
station of 250 MW capacity on the Nile, 10 KM from the outflow of Lake
Victoria, downstream of the existing Nalubaale and Kiira dams. The
project will provide power from an indigenous and renewable resource
with low carbon dioxide emissions, re-utilizing water already used for
power generation at the upstream dams and therefore contributing to
sustainable development. BEL will make available generating capacity
and will sell power to UETCL under a power purchase agreement. The
five generating units will be commissioned sequentially as each
becomes available, ensuring that the benefits of the project will be
delivered to the people of Uganda at the earliest opportunity. The
first unit is expected to be commissioned during the fourth quarter of
2010. When fully commissioned, the Bujagali project will double
Uganda´s effective generation capacity. It represents one of the
largest private power sector investments ever made in Sub-Saharan
Africa.

The project is already under construction and approximately two to
three months ahead of schedule as a result of a USD 75MM bridge loan
that was advanced to BEL by the GOU. Proceeds from the GOU loan were
used to finance engineering design, detailed site investigations,
construction of permanent civil works, construction of camp-site and
offices as well as the procurement of equipment, all of which provides
a basis for an accelerated commissioning under the full notice to
proceed that was issued today by BEL to the Contractor. The GOU has
been repaid its loan in connection with this financial closing.

Hailing the attainment of the project´s financial close as an
historic event for the people of Uganda, the Minister for Energy and
Mineral Development, Mr. Daudi Migereko, said, "This is a great
tribute to public private partnership and a just reward for sacrifices
that the Government has made on behalf of the people of Uganda. The
Government has created an environment that has enabled blue chip
lenders and BEL to commit financing for the project while at the same
time safeguarding the interests of Ugandans through the GOU´s equity
ownership in the project as a result of its contribution of certain
valuable assets, such as land and intellectual property, which had
been previously developed. The loan refunded by BEL will now be
returned to the Energy Fund for appropriate reutilization."

Recalling His Highness the Aga Khan´s quote during the foundation
stone-laying ceremony for the project, "Think of the difference it
will make when the supply of power is adequate to the needs, and
massive load-shedding becomes a distant memory", Mr. Lutaf Kassam, the
Group Managing Director of IPS remarked that "adequate and affordable
power supply will restore the competitiveness of the Ugandan
manufacturers thereby creating jobs, reducing poverty and improving
the qualify of life".

Bruce Wrobel, Sithe Global´s Chairman and CEO, said, "Sithe Global
is excited to be participating in a project that will have such far
reaching but positive impacts to the Ugandan economy. Reliable power,
especially of the clean and renewable variety, is one of the most
important factors a potential investor considers when exploring a new
opportunity for investment. We are proud to be adding to Uganda´s
already attractive investment outlook."

David Foley, a Senior Managing Director of The Blackstone Group
with primary responsibility for Blackstone´s investments in the energy
sector, said "Blackstone is proud to invest alongside the Aga Khan
Group and the Government of Uganda in the Bujagali project, which we
believe will provide investors with favorable returns while providing
significant economic benefits to the people of Uganda. Blackstone
expects to continue to invest substantial equity in support of Sithe
Global´s growth plan as the company funds the construction of other
power projects in its portfolio."

Sithe Global Power, LLC is owned approximately 80% by Blackstone
SGP Capital Partners (Cayman) IV L.P., an affiliate of The Blackstone
Group, and management, led by Mr. Wrobel, with the remaining
approximately 20% stake held by the investment funds managed by
Reservoir Capital Group. Blackstone purchased an 80% ownership
interest in Sithe Global in 2005 with the objective of facilitating
Sithe Global´s plans to develop, finance, construct and operate
electric power generation facilities in the U.S. and certain
international markets. Sithe Global has a portfolio of power plant
projects in various stages of development and construction, including:
the 880 MW gas-fired combined cycle Goreway project under construction
in Brampton, Ontario; the 1,500 MW Desert Rock facility, a coal-fired
project in New Mexico; the 750 MW Toquop facility, a coal-fired
project in Nevada; the 300 MW River Hill facility, a waste coal-fired
project in Pennsylvania; a 1,000 MW project in Italy; and projects in
Africa, the Middle East and other regions totaling approximately 5,000
MW of generating capacity.

About Industrial Promotion Services (K) Ltd.

IPS is the infrastructure and industrial development arm of AKFED.
IPS has operations in Kenya, Uganda, Tanzania and Democratic Republic
of the Congo and is also actively pursuing investment opportunities in
Rwanda, Mozambique and Madagascar. Outside the East Africa and Central
Africa regions, IPS also operates in Cote d´Ivoire, Burkina Faso, Mali
and Senegal, as well as Tajikistan, Afghanistan, Kyrgyzstan, Pakistan
and Canada.

IPS´s involvement in power comprises: the 288 MW Azito gas power
plant in Cote D´Ivoire; concessionaire for Energie du Mali (power &
water utility); Kenya´s 75 MW diesel plant; and a vertically
integrated off-grid utility involved in generation, distribution and
sale of electricity in the West Nile district of Uganda. IPS companies
in East Africa have a total workforce of approximately 8,500 employees

About the Aga Khan Fund for Economic Development

AKFED is an international development agency dedicated to
promoting entrepreneurship and building economically sound enterprises
in the developing world. AKFED focuses on building enterprises in
parts of the world that lack sufficient foreign direct investment. It
also makes bold but calculated investments in situations that are
fragile and complex.

AKFED operates as a network of affiliates with more than 90
separate project companies employing over 30,000 people. The Fund is
active in 16 countries in the developing world: Afghanistan,
Bangladesh, Burkina Faso, the Democratic Republic of the Congo, India,
Ivory Coast, Kenya, Kyrgyz Republic, Mali, Mozambique, Pakistan,
Senegal, Syria, Tajikistan, Tanzania and Uganda.

AKFED´s areas of interest comprise aviation, financial, industrial
and infrastructure development, media and tourism promotion services.
Further details on IPS and AKFED may be obtained from the website
www.akdn.org.

About Sithe Global Power, LLC

Sithe Global is a privately held international independent power
development and construction company which focuses on certain target
markets in North America, Europe, Mexico, Africa and the Middle East.
Sithe Global is led by a seasoned management and technical team with
extensive independent power project development experience, and a
proven record of identifying project development and acquisition
opportunities which create substantial value for its investors. The
Sithe Global management team has successfully developed more than 50
power plant projects in nine countries with a capital investment in
excess of $5 billion.

About Blackstone

The Blackstone Group (NYSE:BX) is a leading global alternative
asset manager and provider of financial advisory services. Its
alternative asset management businesses include the management of
corporate private equity funds, real estate opportunity funds, funds
of hedge funds, mezzanine funds, senior debt funds, proprietary hedge
funds and closed-end mutual funds. Blackstone is an experienced and
active investor in the energy sector, including investments in
Premcor, Inc., one of the largest independent refiners of petroleum
products in the U.S. prior to its acquisition by Valero in 2005; Texas
Genco, a Houston-based wholesale electric power generating company;
Foundation Coal (NYSE:FCL), a U.S. coal mining company; and Kosmos
Energy, an oil exploration company. The Blackstone Group also provides
various financial advisory services, including mergers and
acquisitions advisory, restructuring and reorganization advisory and
fund placement service. Further information is available at
www.blackstone.com.

About Reservoir

Reservoir Capital Group is a privately held investment firm with
an opportunistic ´hybrid´ investment approach. Reservoir invests
directly in public securities and private investments, as well as in
partnership with investment teams through the creation of hedge funds
and private equity firms in which the Reservoir funds are an owner.
Reservoir´s investment funds currently have over $3 billion under
management.