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For Immediate Release: |
Contact: |
ENERGY INVESTORS FUNDS’ US POWER FUND II ACQUIRES BURNEY FOREST PRODUCTS
Acquisition USPF II’s Second in Renewables Sector
NEW YORK, NY (March 6, 2006) – Energy Investors Funds, an established private equity fund manager that invests in the U.S. energy and electric power sector, today announced that its United States Power Fund II, L.P. has acquired 100 percent interest in Burney Forest Products. The financial terms of the transaction were not disclosed.
Operating since 1990, Burney Forest Products is an approximate 30-megawatt wood-fueled biomass facility near Burney, California that sells all of its electrical capacity and energy to Pacific Gas and Electric Company under long term contract until 2020.
“Burney Forest Products provides renewable power to help California diversify its energy supplies from fossil fuel fired generation. The plant is well maintained, in excellent operating condition, and has a proven, reliable track record of operations over the last 15 years,” said Michael Gee, vice president with Energy Investors Funds, who led the deal team under John E. Buehler, managing partner.
“This is USPF II’s second investment in the renewables sector, the first being the acquisition of wind power specialist Tierra Energy in late 2005,” said John Buehler, managing partner. “We will continue to look at investments across the power and energy spectrum but are expanding our interest in renewables with this fund since we see it as a key growth sector over the long term.”
About Energy Investors Funds
Energy Investors Funds was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry. Our consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. As investment managers we seek to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts. Energy Investors Funds has mobilized over $1.75 billion in capital, and currently manages six private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 80 diversified investments, with a combined underlying asset value exceeding $5 billion. For more information visit www.eifgroup.com.
