Acquisition closing date set for Kenansville power facility

WILMINGTON, NC, Aug. 21, 2003 — Green Power Energy Holdings Corp. confirmed that the company and Cogentrix of North Carolina, Inc. have agreed to December 15, 2003 as the “closing date” for the acquisition of the Kenansville, North Carolina power facility.

In addition the company has completed a $1 million financing, the proceeds of which have been paid to Cogentrix of North Carolina, Inc. and will be applied toward the purchase price of the Kenansville facility at the time of closing.

Wayne Coverdale, Chairman & CEO of Green Power Energy Holdings, Corp. noted, “The business relationship with Cogentrix of North Carolina, Inc. continues to be a very positive one as demonstrated by their cooperation in reaching a modified closing date, that allows us to obtain the best results for our company. We appreciate their cooperative efforts.”

About Green Power Energy Holdings Corp.

Green Power Energy is a generator and wholesaler of electric power to electric utilities serving the retail electric market. Green Power Energy currently owns and operates a 38-megawatt cogeneration facility in Kenansville, North Carolina, which has governmental permits to burn a variety of fuels. Green Power also sells steam to an adjacent textile mill.

Green Power’s executive offices are located at 3212 Wickford Drive, Wilmington, North Carolina 28409 and its telephone number is (910) 392-7690. The company web site may be located at


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