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LS Power Announces Agreement To Purchase Six U.S. Gas Plants

LS Power Announces Agreement To Purchase Six U.S. Gas Plants

LS Power Group (“LS Power”) announced today that it has entered into a definitive purchase and sale agreement with Mirant Corporation for the purchase of six U.S. natural gas-fired power plants. The U.S. plants being purchased are the following: Zeeland (903 MW), West Georgia (613 MW), Shady Hills (469 MW), Sugar Creek (561 MW), Bosque (546 MW) and Apex (527 MW), constituting a total of 3,619 MW. The transaction is expected to close by the second quarter of 2007 after the satisfaction of certain customary conditions to closing.

“Because these assets are generally located in markets that have seen limited deregulation, this acquisition plays well into one of LS Power’s key strengths – working directly with utilities and load-serving entities to help them satisfy their power needs,” said Mike Segal, Chairman and Chief Executive Officer of LS Power.

The assets being acquired by LS Power Equity Partners, a member of LS Power Group, from Mirant are not party to the previously announced combination of certain assets with Dynegy Inc. After the transaction with Dynegy closes, LS Power will continue to own and operate the plants being purchased from Mirant.

LS Power Equity Partners was advised by Barclays Capital, as financial advisor, and Latham & Watkins, as legal counsel. Mirant Corporation was advised in the transaction by JPMorgan, as financial advisor, and King & Spalding, as legal counsel.

Contact
Darpan Kapadia
212-615-3456
dkapadia@lspower.com

About LS Power:

LS Power is a development, investment, and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, LS Power has developed, constructed, managed, or acquired more than 46,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired, and battery energy storage projects, of which ~16,700 MW are currently operating. LS Power’s Energy Transition Platforms include CPower Energy Management, Endurant Energy, EVgo, Rise Light & Power, and REV Renewables, as well as Waste-to-Energy initiatives. In addition, LS Power developed and operates over 660 miles of high-voltage transmission, with an additional 100+ miles and multiple substations under construction. Across these efforts, LS Power has raised $49 billion in debt and equity financing to support North American infrastructure. Through 2021, assets under LS Power control avoided 80.67 million metric tons of CO2e, equivalent to nearly 187 million barrels of oil not consumed or over 17.5 million cars taken off the road for one year. For more information, please visit www.LSPower.com.