Energy Investors Funds’ U.S. Power Fund, L.P. becomes sole owner of Hawaii’s Hamakua plant

NEW YORK, N.Y., July 19, 2004 — Energy Investors Funds Group, an established private equity fund manager that invests in the energy and electric power sector, announced that its U.S. Power Fund, L.P. has acquired the remaining 50 percent ownership in the Hawaii-based Hamakua Energy Partners from TECO Energy for approximately $12 million.

In June 2004, Energy Investors Funds acquired Black River Energy L.P. and its assets, including 100 percent ownership in Black River Generation, located in Watertown, New York and 50 percent ownership in Hamakua Energy Partners.

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. Management and workforce at the plant will remain the same.

“Hamakua is a unique asset, which is why we pursued complete ownership after acquiring Black River Energy and its interests in the plant. With its long-term energy contract and its position as a major supplier in a tight energy market, we expect Hamakua to be an excellent part of our portfolio,” said Terence Darby, an EIF Group managing partner who led the deal team with Michael Gee, Vice President.

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 U.S. 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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