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LS Power Completes Financing of Arlington Valley Solar Energy II

LS Power Completes Financing of Arlington Valley Solar Energy II

February 29, 2012

LS Power announced today that it had completed financing and authorized construction of the $550 million Arlington Valley Solar Energy II Project (“AV Solar”), a 127 megawatt (AC) photovoltaic solar farm, near Arlington, Arizona. The AV Solar Project, to be constructed on more than 1,100 acres of land, will directly convert sunlight to electricity. The Project, to be operational in 2013, will sell its entire output to San Diego Gas & Electric pursuant to a long-term power sales agreement. Fluor Corporation has been engaged to engineer, procure, and construct the Project and will provide operation and maintenance services. The financing was structured with two tranches – combining a long term institutional financing led by Prudential Capital Group with a shorter term bank financing led by Banco Santander S.A. GE Energy Financial Services is participating in AV Solar as an equity partner.

“We are pleased to have completed the development and commenced construction of this important solar project” said John King, executive vice president of LS Power. “This project will bring many benefits to the State of Arizona and Maricopa County, including construction and operations jobs with local business opportunities and longer-term benefits from tax revenues. Renewable energy deliveries will assist SDG&E and the State of California in reaching their renewable energy goals”

Media Contact
John T. King, Executive Vice President
5000 Hopyard Road, Suite 480
Pleasanton, CA 94588
925 201 5239
jking@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 ~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.