Press Releases

US Renewables Group Announces Completion of Acquisition of Niagara Generation, LLC

July 31, 2007

LOS ANGELES, California - US Renewables Holdings ("USRG") announced today that it has successfully closed on $475 million of third party capital commitments in its most recent private equity fund, USRG Power & Biofuels Fund II, LP and related vehicles (collectively, "Fund II"), ahead of the fund's original target of $250 million. The first close for Fund II was held in December 2006.

Fund II investments focus principally on: (i) renewable power generation (including biomass, geothermal, solar and other projects); (ii) clean fuels (including ethanol and biodiesel projects) and (iii) related logistics. Since its initial close, Fund II has made eight investments.

Credit Suisse Securities (USA) LLC acted as the financial advisor and placement agent for Fund II.

About USRG

Established in 2003, USRG was formed to assemble and manage renewable power, clean-fuel and related infrastructure assets. USRG manages two private equity funds and one hedge fund and has in excess of $575 million under management.

Contact:

Matthew Kagan
GMMB
Tel: (310) 234-8787