MINNEAPOLIS, Minn., July 27, 2001 NRG Energy, Inc. announced that it has acquired approximately sixty percent of Hsin Yu Energy Development Co. Ltd, a Taiwan company that owns and develops power generation facilities.
Hsin Yu currently owns a 170 megawatt (MW) combined cycle gas turbine cogeneration facility, Hsinchu Phase I, at the Hsinchu Science-Based Industrial Park near Taipei. Hsin Yu is developing a 245 MW expansion of the Hsinchu facility and a new 490 MW greenfield project at the Tainan Science-Based Industrial Park in southern Taiwan.
“It is a small investment, in terms of capital and risk, but serves as a valuable toehold from which NRG may evaluate expansion into specific Asian markets,” said David H. Peterson, NRG’s president, chairman and chief executive officer. “Taiwan is one of the most attractive markets for investment in Asia because of its strong and stable economy.”
NRG will be the controlling shareholder of Hsin Yu. Partners include the TSRC Group, which includes the largest producer of synthetic rubber in Taiwan; the Asia-Pacific Energy Development Group, an energy and power project developer group; Lien Hwa Industrial Group, an industrial gas supplier; Ho Tung Chemical Group, a chemical manufacturer; Shihlin Electric & Engineering Group, a manufacturer of electrical equipment; and Fubon Group, a banking and insurance business group.
“Hsin Yu has a very strong business model and builds its projects in science-based industrial parks to serve companies in Taiwan’s semiconductor manufacturing industry,” said Keith G. Hilless, managing director of NRG Asia-Pacific. “Hsin Yu’s partners include key players in Taiwan’s economy and its customers are some of the country’s largest companies.”
NRG is a global energy company engaged primarily in the acquisition, development, construction, ownership and operation of power generation facilities. NRG owns 21,822 MW of generating assets in operation and under construction. The company’s operations utilize such diverse fuel sources as natural gas, oil, coal and coal seam methane, biomass, landfill gas, and hydro, as well as refuse-derived fuel.
Certain statements included in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct. Factors that could cause NRG’s actual results to differ materially from that contemplated in the forward-looking statements above include, among others, the business or investment considerations disclosed from time to time in NRG’s Securities and Exchange Commission filings or in other publicly disseminated written documents.
NRG undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For more information, review NRG’s filings with the Securities and Exchange Commission.
More information on NRG is available at www.nrgenergy.com
More information on NRG Asia-Pacific is available at www.nrgasiapacific.com.au