Media Coverage

Bottle Rock to Carlyle, Riverstone

TheDeal.com

June 8, 2006

Carlyle/Riverstone Renewable Energy Infrastructure Fund I said Thursday, June 8, it agreed to acquire 44% of California geothermal power generator Bottle Rock Power LLC from Los Angeles-based US Renewables Group LLC for $20 million.

The buyer, a joint investment venture of Riverstone Holdings LLC and the Carlyle Group, is offering a convertible note and partnership interest.

This is one of the fund's first investments after raising $685 million in April.

US Renewables Group bought 88% of the shuttered 55-megawatt geothermal power station in the Geysers from the California Department of Water Resources in October 2005 for an undisclosed sum with the intent of restarting the plant.

Bottle Rock will continue to refurbish the facility for restart in the next six months with the hope of producing 260,000 megawatt hours per year for Pacific Gas and Electric Co. under a 15-year contract by the end of 2007, enough to power 21,000 homes.

Greenberg Traurig LLP attorneys William Sultemeier in Houston and Richard Miller in New York advised the fund, and Jennifer Bellah Maguire at Gibson, Dunn & Crutcher LLP in Los Angeles assisted US Renewables.

Media Contacts:

Steven Gottlieb
ZENO Group
Tel: (877) 526-0450
steven.gottlieb@zenogroup.com