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For Immediate Release: |
Contact: |
ENERGY INVESTORS FUNDS COMPLETES ACQUISITION OF 14 HYDROELECTRIC PROJECTS
NEW YORK, NY (April 24, 2006) Energy Investors Funds (“EIF”), 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. and USPF II Institutional Fund, L.P., have acquired 14 hydroelectric power plants from affiliates of Chicago-based Northbrook Energy. Financial terms of the transaction were not disclosed.
The plants are located in California, Michigan, Illinois, Virginia, North Carolina and South Carolina. All projects have power purchase agreements to sell 100 percent of their output to large load-serving utility companies. The plants will continue to be operated by a subsidiary of Northbrook Energy, which has been operating the portfolio for more than 10 years.
“These plants are low-cost producers with a long history of successful operations,” said Mark Voccola, vice president with Energy Investors Funds. “The plants also have no fuel costs, and provide reliable, environmentally sensitive power to our customers.”
This transaction follows on Energy Investors Funds purchase of the Glen Park Hydroelectric Project near Watertown, N.Y. from Northbrook Energy in August 2005.
“We’re thrilled to be working with Northbrook Energy on these projects,” said Terence Darby, managing partner of Energy Investors Funds. “These 14 plants are geographically diverse and form a nice complement to the Glen Park project.”
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.
