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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:

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 ~17,000 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 680 miles of high-voltage transmission, with an additional 100+ miles and multiple substations under construction. Across these efforts, LS Power has raised $50 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.