San Jose, CA, July 23, 2008 — LS Power Group (LS Power), a privately owned power industry developer, investor and manager, announced the creation of a dedicated business unit which will pursue the development, acquisition, and ownership of renewable energy projects.
Mike Segal, chairman and CEO of LS Power stated, “We have received significant feedback from our load-serving customers and they are interested in renewable electricity solutions. While most renewable resources still require state or federal incentives to be competitive with traditional forms of generation, as the technologies evolve, they are becoming increasingly cost effective. These customer and technological dynamics, when coupled with the political determination to increase renewable resource utilization, is an attractive backdrop for creating a scalable renewable business.”
The renewable business has been staffed to pursue the development of wind, solar photovoltaic and solar thermal renewable resources. As part of this initiative, LS Power is: securing and permitting suitable generation sites; developing renewable energy related transmission projects; pursuing acquisitions; developing and commercializing new renewable technology solutions; and investing in renewable technology and equipment companies.
LS Power has assembled a team of professionals with a proven track record to lead its renewable business unit. John King will head LS Power’s renewable energy initiative. Functional responsibilities for each type of power have been assigned as follows:
* Scott Healy — wind power;
* Howard Taylor — solar thermal;
* Joe Gorberg — solar photovoltaic; and
* Eric Crawford — renewable project development.
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