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Walter Power Sells Equipment to Bulgarian Energy Company

Walter Power Sells Equipment to Bulgarian Energy Company

For Immediate Release

OKLAHOMA CITY (Jan. 11, 2006) -- Walters Power Investors LLC of Oklahoma City recently completed a sale from its inventory of the “Pye Bridge” 10 MW natural gas power plant to Bulgaria-based Toplofikatziya Bourgas Ltd, one of Bulgaria’s largest energy companies.

The equipment was originally manufactured by Finland-based Wartsila, in its factory in Sweden. The equipment, comprised of three 3.3MW 16V25SG Wartsila gensets, was purchased in the United Kingdom in April of this year by Walters Power from UK-based Warwick Energy Limited and was recently sold by Walters Power to Toplofikatziya Bourgas in October.

“This plant is destined for the countryside of Bulgaria where, once installed, it will help heat the homes of Bulgarians and power a small part of that country’s dreams for growth,” said David Walters, President of Walters Power International, an affiliate company of Walters Power Investors, and former governor of Oklahoma.

Details of the sale were not disclosed, but the plant was advertised on the Walters Power website at $1,750,000.

“This engine is no longer manufactured, but was among the best ever produced by Wartsila. In six months-time we acquired, marketed, and resold the plant, which is no small feat in an industry where projects are planned years before equipment is ever purchased,” Walters said. “Our team worked hard, and made several trips to the United Kingdom and Bulgaria to get it done.”

Walters Power Investors is wholly-owned by Drawbridge Special Opportunities Fund, a subsidiary of Fortress Investments, a $15 billion investment and asset management firm based in New York. Financing for the international sale to Toplofikatziya Bourgas was provided by BancFirst of Oklahoma City and Wachovia Bank of North Carolina. Walters Power International, LLC is headed by Walters and has been a leader in the power generation equipment business for a decade. Their inventory consists of diesel and natural gas-fueled power generation plants ranging in size from 1MW to 150MW and their clients are located across the world. Recent locations of sales and purchases include the US, Canada, Dominican Republic, Bulgaria, United Kingdom, Argentina, among others. For more information on Walters Power, visit http://www.walterspower.com.

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