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Intergen Completes Financing Of Callide Power Plant In Australia

Boston, MA - October 17, 2000 InterGen today announced that it has completed the debt financing for a 50 percent stake in the 840 MW Callide C power facility in Queensland, Australia. Callide C, a coal-fired facility, is projected to begin commercial operations in May of 2001 and is the extension of an existing facility that is currently in operation. The remaining 50 percent stake in Callide C is owned by CS Energy, one of three state government-owned generating companies in Queensland. The project finance facility of $325 million that supports Callide C was supplied by a syndicate of National Australia Bank, Bank of America, and BNP Paribas.

"When it enters commercial operations, Callide C will be the lowest marginal cost generator in Queensland and among the lowest in the Australian market. Callide C will also be the cleanest coal generator, due to the installation of leading-edge boiler technology that is the first of its type in Australia. Adding Callide C to our Australia portfolio will significantly enhance our competitiveness in the Queensland and National Electricity Market," said Carlos Riva, President and CEO of InterGen.

Callide C is a two unit (2x420 MW) facility presently in construction under a fixed price lump sum contract, with a consortium that includes Mitsui, Toshiba, and IHI Engineering. Coal will be sourced from the adjacent Callide coal fields.

InterGen is an international power generation firm. The Company is operating or building a total of thirteen power stations representing 10,350 MW. It also has power stations in advanced development representing an additional 6,495 MW. The Company has projects operating, under construction, and/or in advanced development in a number of countries including the United Kingdom, the Philippines, Colombia, Mexico, China, Egypt, Turkey, Brazil, and Australia, and is developing projects across the globe. InterGen is a Shell-Bechtel venture.