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LS Power Announces Final Closing of LS Power Equity Partners II at $3.085 Billion

LS Power Announces Final Closing of LS Power Equity Partners II at $3.085 Billion

May 21, 2007

The LS Power Group (“LS Power”) announced today the final closing of LS Power Equity Partners II (“Fund II”), the firm’s second private equity fund formed to make investments in the power industry. Fund II closed at its stated cap of $3.085 billion in a rapidly completed and oversubscribed fundraising. The original target was $2.5 billion. LS Power raised $1.2 billion in 2005 for its first private equity vehicle.

Mike Segal, Chairman and CEO of LS Power, commented: “We are grateful for the continued confidence and support of our existing investors and we appreciate the opportunity to build long-term relationships with our new partners.”

Jim Bartlett, President of LS Power Equity Advisors, the manager of the private equity funds, added: “We are very pleased with the outcome of the fundraising process. This capital, coupled with our capabilities, positions us well for the opportunities to come.”

Fund II attracted considerable interest from a diverse group of endowments, foundations, pension plans, corporations and family offices. LS Power was advised by Credit Suisse as placement agent and Mayer, Brown, Rowe & Maw LLP as legal counsel.

About LS Power:

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy transition solutions. Since inception, LS Power has developed or acquired over 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through LS Power Grid, the firm has built and operates approximately 680 miles of high-voltage transmission and has another 200+ miles and multiple grid infrastructure projects currently under construction or development. Across its efforts, LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised $53 billion in debt and equity capital to support North American infrastructure.