Cleco Corporation, Mirant to pursue development of new power plants

PINEVILLE, La., July 30, 2001 – Cleco Corp. and Mirant Corp., today announced an agreement to pursue joint development of power projects that could add more than 2,000 megawatts of generation capacity across the South.

The agreement between the companies’ subsidiaries, Cleco Midstream Resources LLC and Mirant Americas Development, Inc., involves sites for potential development of both natural gas-fired peaking and combined-cycle units as well as coal-fired generation. The units could come online between 2002 and 2006. It is anticipated that the partners would have equal ownership interests in each project.

Under the terms of the agreement, each company will contribute sites for development. In addition, Mirant could provide the combustion turbines for natural gas-fired projects.

“We’re excited by the possibilities this agreement holds for our company,” Cleco President and CEO David M. Eppler said. “We established a great working relationship with Mirant while developing our jointly owned Perryville project. It was obvious to both companies we should build on our successful partnership so we can continue helping meet the energy needs of not just Louisiana but the entire South.”

“Our relationship with Cleco and the Perryville project has been very positive,” said David R. Rozier, chief executive officer of Mirant Americas South Region. “We look forward to additional successful projects that provide strategic generation capacity to the South region.”

Mirant and Cleco currently operate a 150-megawatt natural gas-fired peaking unit in Perryville, La., through Perryville Energy Partners LLC, a 50/50 joint venture between the companies. The project also includes a 550-megawatt natural gas-fired, combined-cycle unit under construction with expected commercial operation beginning in summer 2002.

Cleco Corp. is a regional energy services company headquartered in Pineville, La. It operates a nonregulated midstream energy business that has approximately 1,700 megawatts of unregulated generating capacity either in operation or under construction. Cleco also operates a regulated electric utility company that serves about 250,000 customers across Louisiana.

Mirant develops, constructs, owns and operates power plants and sells wholesale electricity, natural gas and other energy commodities. Headquartered in Atlanta, with 10,000 employees worldwide, Mirant has operations in North America, Europe and Asia. Mirant owns or controls more than 20,000 megawatts of electric generating capacity around the world, with another 9,000 megawatts of announced development. In North America, Mirant controls a natural gas asset base, including transportation, storage and access to approximately 3.8 billion cubic feet per day of natural gas production.

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