Mandarin Oriental Hotel, Washington D.C.
7 June 2012

President Benigno S. Aquino III began the second day of his three-day working visit holding various business meetings with company officers from Sithe Global, Denham Capital and GN Power at the Mandarin Hotel in Washington D.C.

Together with the members of his Cabinet, the President met with Dr. Daniel Chalmos, CEO of PMR Group, GN Power LTD and GN Power in Mariveles; Jason Oliver, Senior Vice President for Development of Sithe Global; and Robert Warburton, Operating Partner of Denham Capital.

In the meeting, the group came up with an investment proposal that aims to provide electricity to all areas in the country, including those in the remote areas, at the lowest marginal operating cost. The plan is expected to provide an additional power supply in Luzon with the construction of  2X300 MW clean coal-fired power plant.

GN Power Ltd. Co. is a Philippine registered company that handles development, construction and commercialization of power generation facilities, while Sithe Global Power LLC is an international company that engages in electric generation facilities which boasts of world-class reputation with its track record on power plant construction and operation. Denham Capital Management LP, on the otherhand, is a private equity firm that engages in energy and commodities. It had provided Sithe Global with some financing during its Mariveles Project.

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