19 April 2002 – Mirant announced today the acquisition of the 121 MW Toledo Power Station in Toledo City, Cebu.

The 81 MW, coal thermal unit in Sangi and the 40 MW diesel unit in Carmen were purchased from the Toledo Power Company for $24m.

“This acquisition puts Mirant in the country’s second largest energy market, the Visayas region,” said Ed Bautista, chief executive officer of Mirant’s Philippine operations. “With this facility based in the economically important Cebu province of the Philippines, Mirant achieves greater geographic balance and is better positioned to help meet the growing energy needs of the Filipinos.”

Since 1994, the Toldeo plant served the Visayas Electric Company, the country’s second largest utility company, and Cebu Electric Co-operative, an electric co-operative serving the Visayan region, under long-term power purchase agreements.

Mirant is the largest private producer of electricity in the Philippines, owning more than 2000 MW of installed generating capacity.

Mirant has facilities in North America, Asia the Caribbean and Europe and operates one of the world’s largest energy commodity trading organizations from its headquarters in Atlanta.