July 3, 2002

FPL Energy syndicates $425 million financing for its Rhode Island gas-fired power plant

JUNO BEACH, Fla. -- FPL Energy, LLC, a subsidiary of FPL Group, Inc. (NYSE:FPL), today announced the syndication of a $425 million financing for its Rhode Island State Energy Partners project.

The Rhode Island project is a 535-megawatt, gas-fired combustion turbine/combined cycle generating facility currently under construction in Johnston, RI. The plant is scheduled to go into service in the fourth quarter of 2002. The electricity from the plant will be sold on both a contracted and merchant power basis in the New England Power Pool (NEPOOL.)

"We're very pleased to complete this substantial financing," said FPL Energy President Ron Green, "because it signifies that even in today's extremely conservative banking market, FPL Energy's financial strength and reputation are highly valued by the banking community."

FPL Energy is a leading independent producer of clean energy from natural gas, wind, solar and hydroelectric. The company's portfolio includes 76 facilities totaling more than 10,600 megawatts in operation, under construction, or announced acquisitions in 19 states. Wind power represents 28 percent of the company's operating portfolio, with a total of 80 percent being fueled by renewable sources or clean-burning natural gas.

FPL Energy is a subsidiary of FPL Group, one of the nation's largest providers of electricity-related services. FPL Group has annual revenues of more than $8 billion. Its principal subsidiary is Florida Power & Light Company, one of the nation's largest electric utilities, serving more than 4 million customer accounts in Florida.