Energy Investors Funds’ US Power Fund, L.P. Becomes Sole Owner Of Hawaii’s Hamakua Plant.
Acquisition Completes Ownership Begun with June 2004 Purchase of Black River Energy

NEW YORK, NY (July 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 acquired the remaining 50 percent ownership in the Hawaii-based Hamakua Energy Partners from TECO Energy for approximately $12 million.

In June 2004, Energy Investors Funds acquired Black River Energy L.P. and its assets, including 100 percent ownership in Black River Generation, located in Watertown, New York and 50 percent ownership in Hamakua Energy Partners.

Located on the Big Island of Hawaii, Hamakua Energy Partners is a naphtha-fueled 60MW combined cycle power plant.  Hamakua – the largest independent power producer and the most fuel-efficient plant on the Big Island – provides approximately one-third of the island’s power needs.  A power purchase agreement between Hamakua and Hawaii Electric Light Company, Inc. is in effect until 2030.  Management and workforce at the plant will remain the same.

“Hamakua is a unique asset, which is why we pursued complete ownership after acquiring Black River Energy and its interests in the plant. With its long-term energy contract and its position as a major supplier in a tight energy market, we expect Hamakua to be an excellent part of our portfolio,” said Terence Darby, an EIF Management, LLC managing partner who led the deal team with Michael Gee, Vice President.

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