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LS Power Completes Financing For Dover SUN Park, Awards Construction Contract

LS Power Completes Financing For Dover SUN Park, Awards Construction Contract

September 22, 2010

White Oak Solar Energy, LLC (White Oak), a subsidiary of LS Power, has completed project financing for its 10 megawatt Dover SUN Park to be constructed in Dover, Delaware. White Oak’s financing was arranged by Union Bank, N.A.

White Oak has also executed agreements with SunPower Corporation to design, construct, operate and maintain the solar park. SunPower will install SunPower Tracker® systems and high efficiency SunPower E19 solar panels at the site.

The Dover SUN Park will be the first utility-scale solar power plant in the region. White Oak has entered into long-term power purchase and environmental attribute agreements with the City of Dover, Delmarva Power and Light, Delaware Municipal Electric Corporation and the Delaware Sustainable Energy Utility for the full output of the facility.

Engineering of the Dover SUN Park is underway and equipment procurement will begin immediately. Site preparation activities will commence in the near term, with equipment installation expected to commence in January. Commercial operation of the Dover SUN Park is scheduled for summer of 2011.

An affiliate of LS Power will manage construction and operations of the project

LS Power Contact:
Joe Gorberg
212-615-3443
jgorberg@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.