BANGKOK, Thailand, HONG KONG and NEW YORK, Jan. 19 /PRNewswire-AsiaNet/-- Sithe Energies, Inc., a privately-held leading global competitive power company, announced today that Sithe Pacific Holdings ("Sithe"), a subsidiary of Sithe Asia Holdings Ltd, and Banpu Co. Ltd ("Banpu") have entered into an agreement under which Banpu grants Sithe an option to buy additional shares in Cogeneration Public Co. Ltd ("Coco"). If Sithe exercises its option, Sithe would have the right to purchase 22.06% of Coco shares from Banpu and would become Coco's majority shareholder. Sithe currently owns approximately 33.6% of Coco shares. Sithe can exercise its option until 30 June 2000, and would have until 16 November 2000 to complete the several steps required to comply with Thailand's regulation on publicly listed companies. Additionally, upon the exercising of the option, Sithe's existing shareholders agreement with Banpu governing the management of Coco would expire. Coco, listed on the Stock Market of Thailand, operates 780 MW generating capacity in the Map Ta Put industrial estate, located in the Gulf of Thailand. This is considered the fastest growing area of the country. Coco is a leading operator in the SPP market (Small Power Producer) and its output is contracted out to EGAT and to leading industrial users in the Map Ta Put area under long-term contracts. Coco's existing capacity and its potential for significant capacity extension uniquely position the company to benefit from the constantly improving economic conditions in Thailand and South East Asia. Banpu, listed on the Stock Exchange Market of Thailand, engages in energy and coal mining activities in Thailand and South East Asia, with leadership positions in both fields. Banpu currently holds approximately 32.1% of Coco shares. A wholly-owned subsidiary of Sithe Asia Holdings Ltd, Sithe Pacific Holdings is a leading private producer of electricity in Thailand, with facilities producing 570 MW in operation and 370 MW under construction. In addition to its current 33.6% ownership of Coco shares, Sithe Pacific Holdings also owns and operates the Samutprakarn 120 MW plant located south of Bangkok, and is about to complete construction of the 120 MW Nong Khae project, located in the Northern suburbs of Bangkok. Sithe Asia Holdings is also a leading private producer of electricity in the Philippines and China, with facilities producing 160 MW in operation and approximately 1000 MW under construction. Sithe Energies, Inc., founded in 1984 and headquartered in New York, develops, owns and operates power plants worldwide. Sithe Energies owns 51 power plants in the United States and Canada, including 40 in the Northeast. Sithe Energies also has an extensive global portfolio of projects in operation, under construction or under active development. When its planned development and expansion projects are completed, Sithe Energies will own more than 28,000 MW of electric capacity. Sithe Energies is 60 percent owned by Vivendi (F. VVN), one of the world's leading utilities and environmental services companies; and 30 percent owned by Marubeni Corporation, a major Japanese trading company. Management owns the remaining 10 percent. SOURCE Sithe Energies, Inc. CONTACT: Francois Jobard, +662-253-6466, or James Spencer, +852-2106-5619, both of Sithe Pacific Holdings; or Dan Katcher or Matt Sherman, both of J. Frank Associates, 212-355-4449, for Sithe Pacific Holdings Web site: http://www.joelefrank.com