Press Releases

Davenport Power announces agreement with US Renewables Group and
Riverstone Holdings to invest in its Newberry Geothermal Project

March 13, 2008

BEND, OR - Davenport Power LLC, an independent electric power company that owns and operates clean power and renewable energy projects, announced today that US Renewables Group, LLC and Riverstone Holdings LLC have agreed to provide development capital for the Newberry Geothermal Project.

The initial funds will be used to drill exploratory test wells to explore potential geothermal resource areas for underground geologic features that have the right combination of heat and water to produce steam. The Project, located on the western flank of Newberry Volcano 25 miles southeast of Bend, Oregon, is anticipated to ultimately produce renewable electrical energy to satisfy a 20-year, 120 megawatt contract with Pacific Gas & Electric Company, based out of California.

Doug Perry, President of Davenport Power, said, "We are very pleased in the confidence expressed by this investment from US Renewables and Riverstone, who we know to be two of the most sophisticated energy investors in the nation. If exploration is successful and a viable commercial resource is found during the exploratory drilling, Davenport will prepare and submit specific plans to develop a state-of-the-art geothermal energy facility that will provide clean, renewable energy."

Thomas King, Partner at US Renewables Group, said, "USRG is excited to partner with the Davenport team and to bring its resources to the development of what many believe to be the largest untapped geothermal resource in the US."

Stephen J. Schaefer, Managing Director at Riverstone Holdings LLC, said, "We are delighted to partner with the very experienced Davenport team to develop this new renewable resource. This project's potential output will help to satisfy the growing demand for affordable and reliable renewable power for the western region of the United States."

For more information on the Newberry Geothermal Project, visit www.newberrygeothermal.com.

About Davenport Power:

Davenport Power, LLC is the Operator of the Newberry Geothermal Project. Davenport Power was formed in 1997 as an independent electric power company to own and operate clean power and renewable energy projects. The company specializes in developing early stage geothermal opportunities that sell power to utilities under long- term contracts.

Davenport has offices in Stamford, Connecticut and Bend, Oregon. Its managers are highly experienced geothermal power developers and operators who are committed to building and operating a plant that will be a good neighbor and good for the environment. Davenport's managers have decades of participation in the senior management of companies that developed almost 300 MW of geothermal power projects, and developed or acquired over 5,000 MW of facilities using other technologies and fuel types. For more information, visit www.davenportpower.com.

About US Renewables Group:

US Renewables Group, LLC (USRG) was formed to manage a series of private equity funds (including USRG Power & Biofuels Fund I, LP and USRG Power & Biofuels Fund II, LP) that acquire, develop and operate renewable power and clean fuel assets. To date, the firm has made 18 investments in geothermal, biomass, solar thermal, landfill methane, ethanol, biodiesel and associated infrastructure, and has approximately $575 million under management. USRG has offices in Los Angeles and New York. For more information, visit www.usregroup.com.

About Riverstone Holdings LLC:

Riverstone Holdings LLC is a New York-based energy and power focused private equity firm founded in 2000. Riverstone conducts buyout and growth capital investments in the midstream, upstream, power, oilfield services, and renewable sectors of the energy industry. To date, the firm has committed more than $8 billion to 47 investments across each of these five sectors, representing companies with nearly $70 billion of assets. For more information, visit www.riverstonellc.com.

Contact:

Douglas Perry, President, Davenport Power LLC
203-276-1600
Info@newberrygeothermal.com

For US Renewables:
Randy Steinberg
SJA Strategies
310-403-8996

For Riverstone Holdings:
Jeffrey Taufield or Michael Freitag
Kekst and Company
212-521-4800