GE Provided Financing to Enable GFI Energy Ventures to Acquire Company That Boosts Energy Efficiency

Business Wire, Jan 9, 2006

STAMFORD, Conn. -- GE Energy Financial Services announced today that it has provided cash flow-based senior debt financing to support the acquisition of NORESCO, one of the largest providers of energy management and performance contracting services in the United States, by an investor group led by GFI Energy Ventures LLC.

Financial details were not disclosed.

For more than 20 years, NORESCO -- based in Westborough, Mass. -- has developed energy projects for customers, such as the federal government, that achieve energy efficiency, environmental and cost management goals recently strengthened by federal policy. The 2005 Energy Policy Act established a 20 percent energy reduction target for federal facilities by 2016 and outlines federal assistance for state energy reduction programs by 2012.

GE Energy Financial Services provided the senior bank facility to assist GFI Energy Ventures in its Dec. 30 acquisition of NORESCO from Equitable Resources (NYSE:EQT), based in Pittsburgh. "This cash flow-based corporate financing is a great example of GE's strategy to offer financial products to customers providing environmentally friendly energy solutions," said Alex Urquhart, President and CEO of GE Energy Financial Services.

"The NORESCO financing has enabled us to add another industry-leading company to our portfolio of businesses that offer products and services used in the distribution, marketing, end use and conservation of gas and electricity," said Chad Van Sweden, Vice President of GFI Energy Ventures.

About NORESCO

NORESCO (www.noresco.com) is one of the largest U.S. energy services companies specializing in the development, design, construction, financing and operation of energy and environmental efficiency projects, performance contracting, and central energy plants. Its clients include various departments of the U.S. government, school districts, local governments, and industrial and commercial businesses. Over the past two decades, NORESCO has implemented more than $2 billion of energy projects at more than 1,000 sites throughout the United States and abroad.

About GFI Energy Ventures, LLC

GFI Energy Ventures LLC (www.gfienergy.com) is a Los Angeles-based private equity firm that has initiated and led over 45 investments in the energy sector over the past ten years. GFI is the co-general partner with Oaktree Capital Management of the approximately $1.5 billion OCM/GFI Power Opportunity Funds. GFI invests exclusively in growing, profitable businesses providing the equipment, software, services, and systems needed by utilities, other energy companies, and their largest customers to compete successfully at a time of major sector change.

About GE Energy Financial Services

GE Energy Financial Services, based in Stamford, Connecticut, invests about $3 billion annually in the world's most capital-intensive industry, energy. With more than $10 billion in assets, GE Energy Financial Services offers structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket. Energy Financial Services has developed a strong record investing in wind, solar, biomass, hydro and geothermal power, and is growing its portfolio of nearly one billion dollars in renewable energy assets. For more information, visit www.geenergyfinancialservices.com.

About GE

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.