Energy Investors Funds’ U.S. Power Fund, L.P. acquires Black River Energy L.P.

NEW YORK, June 28, 2004 — Energy Investors Funds Group, an established private equity fund manager that invests in the energy and electric power sector, announced that its US Power Fund, L.P. has acquired Black River Energy, L.P. and its assets including Black River Generation, located in Watertown, New York and Hawaii-based Hamakua Energy Partners. The financial terms of the transaction were not disclosed.

Black River Generation is a 50MW coal and pet coke facility located on Fort Drum in Watertown, New York. The facility also has permits to burn tire-derived fuel, wood chips, and pelletized cardboard and uses CFB – Alstrom technology. Select Energy, a subsidiary of Northeast Utilities, has entered into a three-year power contract with Black River Generation.

“Black River Energy’s assets offer the stability of long-term power purchase agreements and stabile cash flow, community support, and in the case of Hamakua, 155 acres for plant expansion,” said Terence Darby, EIF Group’s managing partner who led the deal team with Michael Gee, Vice President.

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.

“This acquisition fits well into the US Power Fund portfolio,” adds John Buehler, managing partner. “Hamakua, like other portfolio investments including Astoria Energy, serves an energy constrained market. In today’s deregulated environment, the public-private energy partnership is becoming a major factor in power generation – especially in tight energy markets.”

About Energy Investors Funds Group

Energy Investors Funds Group is 100% management owned and was founded in 1987 as the first investment manager to raise, close, invest, recapitalize, and liquidate the assets of a private equity power fund, and is the only private equity power fund manager with an established track record of long”‘term success.

The Group has mobilized over $1 billion in capital, and currently manages five private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 65 diversified investments, with a combined underlying asset value exceeding $5 billion. For more information visit www.eifgroup.com.

The US Power Fund, L.P., which closed in December 2003, raised total commitments of $250 million from endowments and foundations, pension plans, fund”‘of”‘funds, high net worth individuals, banks and insurance companies, and utilities. The Fund principally targets investments in generation, transmission and energy service assets in the U.S.

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