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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:

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy transition solutions. Since inception, LS Power has developed or acquired 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Additionally, LS Power Grid has built and operates 680 miles of high-voltage transmission, with 200+ miles and multiple grid infrastructure projects currently under construction or development. LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised $54 billion in debt and equity capital to support North American infrastructure. For information, please visit www.LSPower.com.