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October 10, 2005

Energy Investors Funds Sells 24 Percent Stake in Crockett Cogeneration Project

CROCKETT, CALIF., Oct 10, 2005 —

Energy Investors Funds, an established private equity fund manager that invests in the energy and electric power sector, today announced that its Energy Investors Fund, L.P. and its Energy Investors Fund II, L.P. closed on the sale of their combined 24.3 percent limited partnership interests in Crockett Cogeneration (Crockett) to GE Energy Financial Services, which increased its ownership interest to approximately 53 percent. Other financial terms of the transaction were not disclosed.

In operation since 1996, Crockett is a 240–megawatt natural gas fired cogeneration plant located in Crockett, California, outside San Francisco. The project has a long–term power purchase agreement with Pacific Gas and Electric Company and a thermal sales agreement with C&H Sugar Company, both of which expire in 2026. In March 2005, the project raised $295 million of senior secured notes through a Rule 144a notes issuance in order to refinance its existing bank debt.

"Energy Investors Fund I and II had been investors in Crockett since the project's development and construction phases," said Herb Magid, managing partner of Energy Investors Funds. "The sale of their combined interests represents the planned investment liquidation of these two private equity funds, which are vintage 1988 and 1992, respectively."

"Our United States Power Fund, L.P. continues to own an approximate 29 percent interest in Crockett and retains its role as general partner of the Crockett partnership," added Mark Segel, Energy Investors Funds' partner who led the sales effort. "Crockett is, and will remain, a very important project investment for Energy Investors Funds."

About Energy Investors Funds

Energy Investors Funds 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.

Energy Investors Funds has mobilized over $1.5 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 United States 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. The United States Power Fund II, L.P., which had its first closing in June 2005, has commitments from the same network of investors and is pursuing a similar investment strategy. Each of these funds is managed by Energy Investors Funds.

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