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Wasabi in Global Geothermal joint venture
13:25, Friday, 6 July 2007

Sydney - Friday - July 6: (RWE Australian Business News) -
Wasabi Energy Ltd (ASX code: WAS) has entered a number of agreements to
form a new joint venture with AMP Capital Partners LLC, a US-based
private equity fund.
Pursuant to the transaction, a newly incorporated English
subsidiary of Wasabi (Global Geothermal Ltd or "GGL") has been
incorporated and from AMPCP will acquire the entire issued share capital
of Recurrent Engineering LLC, a Delaware corporation focused on the
delivery of highly efficient geothermal and waste heat power stations
and technology.
GGL will also acquire the benefit of certain debts owed to
Wasabi by Exergy Inc and the associated security.
In addition, GGL will be granted an option over Wasabi's
shareholding in Exergy, for the sum of $1 as part of the overall deal.
On completion of the transaction, due July 31, Wasabi will hold
70% of GGL and AMPCP the remaining 30%.