Denham Capital to Sell Interests in GNPower’s MarivelesPowerPlant

| Sustainable Infrastructure
Ayala Corporation to acquire stake in 600-megawatt project in Philippines.

BOSTON, Mass. (December 17, 2012) – Denham Capital announced today that it has entered into a definitive agreement to sell its interests in the GNPower Mariveles project, a 600 megawatt power generating plant currently undergoing commissioning in the Philippines’ Bataan province, to Ayala Corporation (“Ayala”), a Philippines-based conglomerate, for $155 million. Completion of the transaction is subject to lenders’ consent and other customary closing conditions.

Denham’s initial investment in the Mariveles project was alongside Power Partners, the developer of the project, in June 2007. Financed by a consortium of Chinese and Filipino banks, the Mariveles project received Asian Project Finance Magazine’s “Deal of the Year” award in 2010. Mariveles is the only largescale plant that will come online in the Philippines in 2013, and will be a low-cost source of power to help fill the nation’s anticipated power supply needs.

“The GNPower Mariveles project is an example of the global nature of the work being done by our power and renewables group,” said Scott Mackin, Denham Capital’s Co-President and head of its power and renewables team. “The deal affirms our thesis of patiently supporting strong local development partners in countries with significant need for new generation capacity, stable regulatory frameworks and a deep pool of potential buyers.”

“Partners such as Denham Capital are crucial to the continued growth of the Philippines’ economy, as they provide needed capital to help keep the cost of power down so that local industries can remain competitive, as well as creating numerous jobs,” added Dr. Dan Chalmers, chief executive officer of GNPower. “Beyond simply providing capital, however, Denham greatly contributed to bringing this plant on line through their hands-on assistance with our development and financing efforts over the years. They have been an ideal partner.”

About Denham Capital

Denham Capital is a leading energy-focused global private equity firm. With approximately $7.3 billion of invested and committed capital, Denham makes direct investments in the energy and resources sectors, including businesses involving oil and gas, metals and minerals, and power and renewables. With offices in Boston, Houston, Short Hills, London, São Paulo and Perth (February 2013), Denham invests globally, with investments currently in the U.S., Canada, South America, Europe, Australia and Asia. Denham invests across all stages of the corporate lifecycle, from exploration and development projects to mature, operating businesses, and all segments of the capital structure. For more information about Denham Capital, visit www.denhamcapital.com.

About Ayala and AC Energy

AC Energy is a wholly-owned subsidiary of Ayala, the holding company of one of the Philippines’ oldest and most respected business groups. Founded in 1834, Ayala today is one of the largest and most widely diversified conglomerates in the Philippines, with leadership positions in real estate development, banking and financial services, telecommunications, electronics and information technology, water infrastructure development and management, and new investments in power and infrastructure. Ayala’s common shares are listed on the Philippine Stock Exchange and had a market capitalization of around US$7 billion as of December 6, 2012. AC Energy is Ayala’s energy sector development arm. Its goal is to develop a portfolio of competitive power generation assets across traditional and renewable technologies, and to operate as a major retail electricity supplier. AC Energy aspires to reach over 1,000 MW of generation assets (gross) within the next 5 years through a combination of green field and operating assets.