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Panda Energy announces formation of Accord Development Group

DALLAS, Oct. 8, 2001 — Panda Energy International, Inc. today announced the formation of Accord Development Group, a comprehensive project development company.

The new affiliated development services company will provide professional and comprehensive energy development services to both domestic and international clients.

“Panda is a pioneer in the independent power industry and has become a proven leader in the development, finance, construction, operation and management of electrical power generating facilities,” said Bob Carter, Panda Chairman and CEO. “We are now opening our knowledge, experience and expertise to Accord’s clients, in the world’s energy development market.”

Accord is a product of one of the most successful independent energy developers in the business. Accord’s team has a proven track record of success having driven multiple projects to completion. Since 1990, members of the Accord team have financed in excess of $5.5 billion, including $2.2 billion recently financed to construct the nation’s two largest natural gas power plants. All together, the Accord team has created over 18,000 megawatts of greenfield projects that are currently in operation, under construction or in advanced development. The company’s team of experts will now be available to assist energy business clients through the Accord Development Group.

It was also announced today that Garry Hubbard will assume the position as Accord’s President. Hubbard previously served as Panda’s Senior Vice President of Business Development.

“Garry has been instrumental in Panda’s success and is a perfect fit to lead our new Accord Development Group,” stated Todd Carter, Panda’s President. “His leadership, development expertise and knowledge of the power industry will be a tremendous asset to Accord and its clients.”

“From project concept to asset management, the Accord Development Group is committed to providing its clients with professional and cost effective project development services,” stated Garry Hubbard, Accord President. “Our experienced teams will enhance the success of clients in both domestic and international energy business.”

Hubbard has over 25 years in the energy industry and has a broad range of experience in the development, construction and operation of power generating facilities. His assignments have been in Europe, Southeast Asia, Latin America and the Middle East, as well as in the United States. At Panda he has been responsible for a portfolio of projects totaling more than 17,000 megawatts including the development and construction of the two largest independent power plants in the country. Hubbard holds a Bachelor of Science degree in Mechanical Engineering from Southampton University, England.

Headquartered in Dallas, Texas, Panda Energy International, Inc. is a privately held, non-regulated electric generation company whose primary focus is the development, ownership and operation of state-of-the-art, environmentally clean, low-cost power plants. The company recently arranged the financing of $2.2 billion to construct the nation’s two largest natural gas power plants located in Eldorado, Arkansas and Gila Bend, Arizona. Panda has plants in Roanoke Rapids, North Carolina; Brandywine, Maryland, and it has an ownership in three 1,000 megawatt plants it developed in Guadalupe County, Paris and Odessa, Texas.

The company also has developed and owned plants in China and Nepal and is the developer and a partner in three 1,000 megawatt merchant plants presently being constructed in the United States. Panda has developed 9,000 megawatts that are either under construction or in commercial operation.

Panda also has 10,000 megawatts of electric generating capacity currently in advanced development and an additional 6,500 megawatts in the early stages of development.

Additional information on Panda Energy International, Inc. can be found at www.pandaenergy.com .