Energy Investors Funds' US Power Fund, L.P. Invests $50 Million In 500 Megawatt Generation Plant In New York City
Astoria Energy Project Will Provide Critically Needed Power for New York City

NEW YORK, NY (April 19, 2004) - Energy Investors Funds Group, an established private equity fund manager that invests in the energy and electric power sector, today announced that its US Power Fund, L.P. has closed an equity investment in the $983 million financing to build New York City's largest new power plant in 25 years.

Located in Queens, New York, the Astoria Energy plant has natural gas capabilities and will operate primarily as a combined cycle natural gas facility that will produce 500 megawatts of electricity in its first phase, scheduled for operation in April 2006.
Consolidated Edison, the electric utility that serves the greater New York City area, has executed a 10-year contract to purchase the initial 500 MW generated by the project.

The $983 million construction financing package is a combination of approximately $283 million in equity and $700 million in debt. In addition to Energy Investors Funds, equity investors include CDP Capital-Americas and SNC-Lavalin Generation Inc., as well as the project sponsors SCS Energy LLC and AE Investor.

"We believe that this closing represents a state-of-the-art financing for an essential addition to New York City's power supply," said Herb Magid, Managing Partner, and Andrew Schroeder, Partner, who headed the Energy Investors Funds Group deal team. "This investment fits well in our portfolio of power assets and we look forward to serving the needs of Consolidated Edison and its customers," added John Buehler, Managing Partner.

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