July 8, 2005
FPL Energy and Carlyle/Riverstone announce completion of senior secured notes offering for solar assets
JUNO BEACH, Fla. - FPL Energy, LLC, a subsidiary of FPL Group, Inc. (NYSE: FPL), and affiliates of Carlyle/Riverstone Global Energy and Power Fund II, L.P. announced today that Kramer Junction Solar Funding, LLC has completed the issuance of $125 million of senior secured notes with a final maturity of 2014.
This financing is in connection with the acquisition earlier this year by FPL Energy, along with certain FPL Energy affiliates, and affiliates of Carlyle/Riverstone, of a majority interest in five 30-megawatt Solar Energy Generating System (SEGS III-VII) assets in the Mojave Desert. FPL Energy operates the SEGS plants. All of the power generated from the SEGS projects is sold to Southern California Edison under long-term contracts. With these new projects, FPL Energy is now the largest operator of solar power in the U.S. with 310 MW’s.
FPL Energy is a leading wholesale generator utilizing clean fuels such as natural gas, wind, solar, hydroelectric and nuclear to generate electricity. It is a subsidiary of FPL Group, one of the nation's largest providers of electricity-related services with annual revenues of more than $10 billion. FPL Group's principal subsidiary is Florida Power & Light Company, one of the nation's largest electric utilities, serving 4.3 million customer accounts in Florida. Additional information is available on the Internet at www.FPLEnergy.com, www.FPLGroup.com and www.FPL.com.
Riverstone Holdings LLC and The Carlyle Group are the co-general partners of the Carlyle/Riverstone Global Energy and Power Fund II, a $1.1 billion private equity fund established to make investments in the energy and power industry globally. Riverstone, a New York-based energy and power focused private equity firm founded in 2000, has approximately $1.6 billion under management. Riverstone conducts buyout and growth capital investments in the midstream, upstream, power and oilfield service sectors of the energy industry and has invested over $1 billion of equity to date in 15 companies that have combined assets of approximately $15 billion. The Carlyle Group is a global private equity firm with more than $29.6 billion under management. Visit www.carlyle.com for additional information.
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