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Walters Power International Pakistan Power Plant Bid Accepted

Walters Power International Pakistan Power Plant Bid Accepted

FOR IMMEDIATE RELEASE

Oklahoma City-based power company estimates contract value at $150 million

OKLAHOMA CITY (Oct. 28, 2008) – Walters Power International announced today that its bid to develop a 230MW rental power project in the Korangi area of Karachi, Pakistan, has been accepted by the Government of Pakistan Ministry of Power and Water.

The Korangi plant will be the fourth power plant developed in Pakistan with the involvement of Oklahoma City-based Walters Power International. In addition to Korangi, WPI has developed the Bhikhi Power Plant (136MW), which is currently operating, and is developing power plants in Guddu (110MW) and Multan (192MW).

According to South Asian Investor Review, KESC, Karachi's power supply utility, is dealing with a shortfall of around 700MW against a total demand of 2200MW. Pakistan's current installed capacity is around 19,845 MW, of which around 20% is hydroelectric. Much of the rest is thermal, fueled primarily by gas and oil.

When all four WPI plants are online, the independent energy company will provide roughly three percent of the country’s total power.

WPI officials estimate that the Karachi deal is worth $150 million.

As a result of planned, daily rolling blackouts throughout Pakistan, the economy, major exports and overall employment are also down and the daily wage earners are suffering. South Asia Investors Review says as 40% of Pakistani households have yet to receive electricity and only 18% of the households have access to pipeline gas, the energy sector is expected to play a critical role in economic and social development.

“Walters Power International has lived up to its name, having done deals in more than 20 countries. The Karachi project is the fourth and largest project we’ve been involved with in Pakistan,” said WPI President David Walters. “As economies develop in other countries around the world, there is an exponentially increasing need for power to keep up with the demand. Because we have one of the largest speculative inventories in this market, we’ve become the go-to company when someone needs power immediately."

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