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Atel closes deal in Hungary

Energy company Aare-Tessin Ltd. for Electricity (Atel) has closed the deal previously announced in September 2002 to acquire the Csepel power station complex in Hungary. The change of ownership went through on 13 December 2002.

Atel has acquired one hundred per cent of the Csepel power station complex in Budapest from NRG Energy Inc. The complex is comprised of a gas turbine power generating station of 390 MW electrical capacity and a thermal power station of 116 MW thermal capacities. These power stations considerably extend Atel's business opportunities in Hungary and significantly support the company's energy business in Central and Eastern Europe.

As previously announced, Atel and NRG Energy Inc. signed the acquisition agreement on 10 September 2002. After having received all approvals by the authorities and project lenders, the closing and subsequent transfer of property was effective on 13 December 2002. The acquisition of these power stations is one of the biggest transactions of the year 2002 in Hungary.

Aare-Tessin Ltd. for Electricity Corporate Communications