EIF

United States Power Fund II, L. P. – Investments as of July 2008
The United States Power Fund II had a final close on October 28, 2005 at $750 million and is substantially committed.

Calypso Energy Holdings, LLC
On November 16, 2007, USPF II, along with USPF III, acquired an 80% interest in 14 operating power plants from Cogentrix Energy, Inc. The Fund’s ownership interest in the projects totals 2,331 net megawatts of generating capacity. The acquired portfolio consists of power plants located in 12 states that sell substantially all of their generation capacity under mid- to long-term power purchase agreements or tolling arrangements to local counterparties. The plants are a mix of gas, coal, and waste-coal fired facilities that employ state of the art combustion and emissions technologies. The Calypso transaction’s acquisition financing won the prestigious "2007 North America Portfolio Power Deal of the Year" awarded by Project Finance, a Euromoney publication. photo 1 photo 2 photo 3

Astoria Energy
Astoria Energy is a 500 MW gas‑fired power plant that began commercial operation in May 2006, located in Queens, New York. Astoria sells power to NY utility Consolidated Edison under a long-term power purchase agreement. Astoria is the first privately-owned large power plant to be built in New York City in over 25 years. Astoria supplies critically needed electric capacity to NYC using low cost, environmentally friendly technology.     photo

Berkshire Power Company (“BPC”)
BPC is a 245 MW gas-fired combined‑cycle power facility located in Western Massachusetts and has been in commercial operations since June 2000. The project presently operates under a Reliability Must Run (“RMR”) Agreement with ISO-New England. The RMR agreement will remain in place until the FERC-approved Forward Capacity Market is implemented in New England (currently scheduled for June 2010).     photo

B.L. England
B.L. England is a 447 MW coal- and oil-fired generating station located in Cape May County, NJ, approximately 15 miles southwest of Atlantic City. The plant was acquired from Atlantic City Electric Company, a unit of PEPCO Holdings, Inc. in February 2007. Rockland Capital Energy Investments will manage B.L. England, including the investment program in emission control technologies necessary to meet permit requirements and the highest state and federal environmental standards. The facility sells energy and capacity into the PJM East electricity market which this year initiated a capacity market auction program.     photo

Burney Forest Products
Burney Forest Products is a 31 MW wood-fueled biomass cogeneration facility near Burney, CA that sells all of its electrical capacity and energy to Pacific Gas and Electric Company under a long-term Standard Offer No. 4 contract. Burney’s facilities consist of two wood-waste Riley Stoker boilers, one GE steam turbine generator set, fuel handling and storage facilities, a zero-discharge water cycle, electrostatic precipitators, a stack and substation facilities. General Electric constructed the Project on a turnkey basis in 1988-89, with commercial operation commencing in 1990. The Project is situated on a 322-acre site.     photo

Crockett Cogeneration
Crockett is a 240 MW gas-fired cogeneration facility located in Crockett, California, just east of San Francisco. In operation since 1996, the project is a qualifying facility that sells capacity and energy to Pacific Gas and Electric Company and steam to C&H Sugar Company, Inc. pursuant to long-term contracts. Crockett's senior secured debt is rated investment-grade by both Moody’s and Standard & Poor’s. The refinancing of Crockett was awarded the "2005 North American Refinancing Deal of the Year" by Project Finance, a Euromoney publication.     photo

Ferndale Cogeneration
Ferndale is a dual‑fired (natural gas and No. 2 fuel oil) 280 MW cogeneration project near Ferndale, Washington (the “Project” or “Ferndale”). The Project is a combined-cycle qualifying facility located on an approximately 14-acre site wholly within the boundaries of the approximately 850-acre site of the ConocoPhillips Refinery near Ferndale. The Facility Site is leased by the Partnership from the Refinery under a 49-year Lease Agreement with ConocoPhillips.     photo

Gateway Pipeline Company
Gateway Pipeline is a holding company which owns, through United Pipeline Systems, LLC, 100% of each of Missouri Pipeline Company LLC, Missouri Gas Company, LLC and Missouri Interstate Gas, LLC. Gateway is well situated within the State of Missouri, primarily servicing utility customers in eastern, southeastern and south central portions of the State. Gateway Pipeline is comprised of roughly 266 miles of natural gas pipeline with a maximum flow rate of 94,000 Mcfd. Gateway has the ability to add compression and increase its maximum flow rate by up to 50%.

Glen Park Hydroelectric
The Glen Park Hydroelectric Project is a 32 MW limited control run-of-the-river facility on the Black River near Watertown, NY, approximately 70 miles north of Syracuse, New York. The project is both a Qualifying Facility and an Exempt Wholesale Generator, and is one of the largest independently owned hydroelectric facilities in New York State. The project, which began operations in 1986, sells its power under contract to a large, investment grad-rated energy company.     photo 1   photo 2

Hot Sulphur Springs
Hot Sulphur Springs (“HHS”) is a 32 MW (net) geothermal project in Northeastern Nevada near the city of Elko. The Project has executed a long-term PPA with Sierra Pacific. HSS is an extremely promising geothermal resource that has been studied for the last roughly 30 years. It is possible that the resource could prove out greater and produce as much as 50 MW-60 MW (net). The Project is anticipated to begin commercial operations in 2009.     photo 1   photo 2

Hudson Transmission
Hudson is a 660 MW, 345 kilovolt transmission line that will be built between Ridgefield, NJ and midtown Manhattan. The Hudson-sponsored project will include approximately eight miles of buried transmission cable, four miles of which will be installed beneath the Hudson River, and a converter station in Ridgefield that will convert alternating current (“AC”) power into direct current (“DC”) power for purposes of efficient transmission, and back to AC power for distribution to the New York Power Authority’s (“NYPA”) New York City customers. The Hudson project was selected by the NYPA at the conclusion of its RFP for new capacity for New York City for a long-term capacity supply agreement.

Hudson will help NYPA meet reliability standards for New York City, while establishing a link to electricity markets in the PJM Interconnection, the regional transmission organization that coordinates electric utilities and power producers in 12 states stretching from Pennsylvania to North Carolina and westward to Illinois. The line is expected to begin construction in 2008 and be completed in 2010.

Kleen Energy Systems, LLC
On June 13, 2008, USPF II, along with affiliated EIF Funds, acquired an 80% interest in a
620 MW natural gas- and oil-fired combined cycle power generation facility under construction in Middletown, CT. Kleen is being built pursuant to a fixed-price, turn-key EPC contract with O&G Industries, and will employ commerically proven, state-of-the-art combustion turbine technology. Once operational, Kleen will sell 100% of its capacity to Connecticut Light & Power for a term of 15-years.     model   photo

Mojave
Mojave is a 55 MW natural gas‑fired cogeneration facility located in Boron, CA. The Plant entered commercial operation on July 27, 1990 and is operated by Delta Power Services. Mojave sells electricity and capacity to Southern California Edison under a long term PPA. Mojave also sells steam to U.S. Borax, Inc. pursuant to an energy services agreement that is co-terminus with the PPA. The United States Power Fund II, L.P. acquired the lessor interest in Mojave in March of 2006.     photo

Neptune Regional Transmission System
Neptune is a 53-mile, 660 MW high voltage direct current transmission system that interconnects the Long Island Power Authority (“LIPA”) with the PJM regional transmission organization in Sayreville, NJ. At the conclusion of a competitive process, Neptune was awarded a 20-year Firm Transmission Capacity Purchase Agreement by LIPA to provide 660 MW of firm transmission capacity. Construction was completed in June 2007 on schedule and within budget. Thereafter, the line was successfully energized and commenced commercial operations. Neptune won the prestigious North American Infrastructure Deal of the Year 2005 Award by Project Finance, a Euromoney publication.     map

Northbrook Energy
Northbrook Energy is a portfolio of 14 operating hydroelectric generating stations located throughout the United States. The plants, which are diversified by location, PPA counterparty, and technology, total approximately 32 MW of capacity. All of the Projects have PPAs with load-serving entities that have long-tenors or statutorily mandated renewal provisions.     photo

Panoche Energy Center
Panoche Energy Center will be a 400 MW natural gas-fired power plant located approximately 50 miles west of the city of Fresno, CA. In April 2006, the project signed a 20-year power purchase agreement with Pacific Gas & Electric for 100 % of the capacity and electricity produced by the plant. Kiewit Power Constructors Co. has been hired as the engineering and construction firm and is building the project on a fully wrapped, fixed-price, turnkey basis. Panoche is utilizing four General Electric Packaged Power LMS100 natural gas-fired combustion turbines and will be the first power plant to utilize non-recourse project financing for GE's latest power generation technology. Construction will be completed by July 2009. The United States Power Fund II, L.P. owns 100% of the Project.     model   photo 1

Plum Point
Plum Point is a 665 MW (net) coal-fired electric generating facility at a site that is approximately 2 miles south of the City of Osceola in Mississippi County, Arkansas. The Project has been developed by LS Power and will be constructed by a joint venture consortium comprised of Kiewit Construction Co., Black & Veatch (Overland Contracting, Inc.), and Zachry Construction Corp. Construction is scheduled to take 50 months to complete and will involve standard, proven technology. Permitting for the Project is complete and construction began in March 2006 with commercial operations commencing in 2010. Plum Point won the prestigious 2006 North American Single Asset Deal of the Year Award from Project Finance, a Euromoney Publication. model

Russell Biomass
Russell Biomass is a 50 MW biomass project in Western Massachusetts. The project is to be located at the site of a former paper mill and will provide a renewed industrial basis to the town of Russell. The development group, led by the former developer of the Stratton Biomass Project, a Fund I investment, has progressed terms of a power purchase agreement with a group of municipal and cooperative electric companies. This customer base will provide a creditworthy off-take and the opportunity to also sell rights to the RECs created by project generation to the same customers. Permitting of the project has been progressing in a satisfactory manner while continuing to be a critical path item in developing the project. Project closing is scheduled for third quarter 2008 with commercial operation in third quarter 2010. model

Tierra Energy LLC
Tierra Energy is an aggregator of small gas-fired generation facilities. Tierra is developing the 115 MW Eastshore natural gas-fired peaking plant in CA which was awarded a 20-year PPA with PG&E and is anticipated to come on line in 2009.

EIF Management, LLC