Isolux Corsán Awarded Second Major Contract for Electricity Generation in Bangladesh

MADRID, October 21, 2011 /PRNewswire/ --

• The company will build a 340 MW combined-cycle power plant in Siddhirganj, one of the main industrial centers in the country

• The project budget, $335 million, is three times the previous

• The Group has wide experience in power generation projects with more than 3,000 MW built in different parts of the world

Isolux Corsán reinforced its presence in Asia with the award of its second large energy contract in Bangladesh. The contract is for the construction of a 340 MW combined-cycle power station in Siddhirganj, one of the most important industrial centers of Bangladesh and only 20 km from the capital, Dhaka. The project, awarded by the public power company of Bangladesh, Electricity Generation Company of Bangladesh Ltd, will be implemented over a period of 30 months and carries a price tag of €244.58 million (US$335 Mn).

The contract is part of the Bangladesh Energy Development Plan launched by the government of P.M. Sheikh Hasina Wajed to achieve the electrification of the entire country in 2020. Bangladesh is the seventh most populous nation in the world with 168 million inhabitants and also has one of the greatest population densities and large energy needs.

The new power station that Isolux Corsán will build in Siddhirganj will transmit the energy produced through a 230 kV line, reinforcing the national grid and ensuring greater network reliability. The facility will be built with the latest technology. The Group will also execute the connection of the plant with the existing gas network in the area.

Barely four months ago, the Bangladesh public electricity company awarded the Group the construction of another power plant, but this time an open cycle 180 MW power station in Khulna, the third industrial city in Bangladesh. The price tag on that project was €110.3 million (US$160 Mn).

With this new award Isolux Corsán increases its presence in the Asian continent, where the Group already has stable activities in such countries as Saudi Arabia, Jordan, Kuwait, Oman, Qatar, Syria and India, and reinforces the Group's energy generation business line, which to date has executed projects for a total of more than 3,000 MW in different countries of the world.

About Isolux Corsán

Isolux Corsán is a leading global benchmark in the construction, concessions, energy and industrial services sectors. We operate in 26 countries on four continents and are the leading unlisted Spanish construction and public works group. Power transmission concessions, highways and parking, as well as major infrastructure construction, represent our main growth areas. Isolux Corsán has, through its subsidiary Isolux Infraestructura, more than 5,500 kilometers of transmission lines in India, Brazil and the USA and more than 1,600 kilometers of highways in Brazil, India, Mexico and Spain. In addition, the Group operates and manages 42 photovoltaic solar power plants with an installed capacity of 168 MW that generate 250 GW/h of clean energy per year. Among its other activities, the Group has more than 21,000 parking spaces under concession and has extensive experience in the construction and maintenance of major infrastructure projects: highways, rail, civil works, hydraulic and maritime and residential and non-residential building. In the energy sector, Isolux Corsán is one of the largest builders of EPC projects in the photovoltaic industry worldwide, with more than 290MW in operation in 2010. We hold a leading position among the great builders of EPC generation plants with 1,500 MW under construction, and also stand out in the development of industrial processes with the execution of turnkey projects in the Oil & Gas sector and in biofuel plants. The company, led by Luis Delso, posted higher revenues in 2010, reaching €3.24 billion, with gross operating revenues of €311 million, and closed the year with total backlog of €30.18 billion.

SOURCE Isolux Corsan