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LS Power Closes Deal for Mirant Assets

LS Power Closes Deal for Mirant Assets

Mirant Corporation (NYSE: MIR) announced today that it has completed the sale of six U.S. natural gas-fired plants to Broadway Generating Company, LLC, a member of the LS Power Group. The net proceeds to Mirant from the sale, after paying transaction expenses and retiring $83 million of project-related debt, were $1.306 billion. The following U.S. plants, totaling 3,619 MWs, were sold: Zeeland (903 MW), West Georgia (613 MW), Shady Hills (469 MW), Sugar Creek (561 MW), Bosque (546 MW) and Apex (527 MW).

In accordance with covenants contained in the debt instruments of Mirant North America, LLC, a subsidiary of Mirant Americas Generation, LLC, approximately $524 million of the proceeds from the sale, including those related to the Zeeland and Bosque plants, will be reinvested in the business of Mirant North America, LLC.

About Mirant Corporation

Mirant is a competitive energy company that produces and sells electricity in the United States, the Caribbean and the Philippines. Mirant owns or leases approximately 13,900 megawatts of electric generating capacity globally. The company operates an asset management and energy marketing organization from its headquarters in Atlanta. For more information, please visit http://www.mirant.com.

Mirant Media contact:

Felicia Browder, 678-579-3111
felicia.browder@mirant.com

Mirant Investor Relations contacts:

Mary Ann Arico, 678-579-7553
maryann.arico@mirant.com

Sarah Stashak, 678-579-6940
sarah.stashak@mirant.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, in addition to its development of more than 660 miles of high voltage transmission, LS Power has developed, constructed, managed or acquired more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects. LS Power actively invests in distributed energy resource platforms, such as CPower Energy Management, Endurant Energy and EVgo, as well as Primary Renewable Fuels. Additionally, LS Power invests in renewables and energy storage through Rev Renewables. Across its efforts, LS Power has raised in excess of $47 billion in debt and equity financing to support North American infrastructure. For more information, please visit www.LSPower.com.