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LS Power Closes Deal for Mirant Assets

LS Power Closes Deal for Mirant Assets

May 01, 2007

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, 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.