ENERGY INVESTORS FUNDS AND ENPOWER CORP. COMPLETE ACQUISITION OF LANDFILL ENERGY SYSTEMS

NEW YORK  (February 6, 2008) Energy Investors Funds (“EIF”), an established private equity fund manager that invests in the U.S. energy and electric power sector, announced that its United States Power Fund III, L.P. (“USPF III”), together with Enpower Corp. (“Enpower”), a California-based owner-operator of energy assets, completed their acquisition of Landfill Energy Systems and certain of its affiliates (“LES”) on January 31.  Terms of the transaction were not disclosed.

LES, a privately held company, owns and operates a portfolio of 18 landfill gas-to-energy projects located in 9 states.  The LES portfolio includes developed projects generating over 96 megawatts of electricity, with another 9.6 megawatts under construction and over 29 megawatts in late-stage development.  The company is a leader in the development, construction and operation of renewable energy facilities at landfills. The new ownership enhances LES’ opportunity for growth through greater market reach and improved access to capital.

The acquisition significantly expands EIF’s presence in the renewable energy sector.  The LES portfolio reduces methane gas emissions by over 4.5 million tons per year.  As a greenhouse gas, methane is approximately 20 times more destructive than carbon dioxide, making this reduction equivalent to taking nearly one million cars off the road.

“This transaction advances USPF III’s strategy of creating a mix of energy assets across fuel types and technologies, including significant investments in profitable renewable energy technologies,” said Jose Torres-Monllor, a Senior Vice President of EIF.

The existing management team of LES will continue to run the company and will maintain a minority ownership interest. 

“We’re pleased this transaction has closed and look forward to working with EIF and Enpower to continue our growth through greenfield development and acquisitions of landfill-gas-to-energy projects,” said Scott Salisbury, President of LES.

About Energy Investors Funds

EIF was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry.  Its consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation.  As investment managers, EIF seeks to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts.  EIF has mobilized over $3.3 billion in capital, and currently manages six private equity funds from its offices in Boston, New York, and San Francisco.  These funds have made over 90 diversified investments with a combined underlying asset value exceeding $7 billion.  For more information visit www.eif.com.

About Enpower Corp.

Enpower owns, manages, operates, acquires, and develops electric power generating facilities.  Enpower currently owns, through subsidiaries, the General Partner of Wadham Energy Limited Partnership, a 26 MW biomass facility located in Williams, CA, and Oildale Energy LLC, a
40 MW gas turbine cogeneration facility in Bakersfield, CA.  In addition, Enpower’s subsidiary, Enpower Operations Corp., operates and manages a 15 MW equivalent landfill gas recovery facility for the Delaware Solid Waste Authority in Wilmington, DE.  Enpower is a privately held, management-owned company, and is active in landfill gas-to-energy acquisitions and in the development of landfill gas-to-high Btu gas facilities.  For more information visit www.enpowercorp.com.

About Landfill Energy Systems

Jerrold M. Jung and Scott Salisbury founded LES in 1986.  The company was initially formed as a subsidiary of the Michigan Caterpillar dealership.  The company spun out and became an independent entity in 1988.  The initial operations focused on developing natural gas-fired cogeneration plants for third parties such as hospitals and universities.  LES built 16 cogen facilities totaling 30 MW before changing its focus to develop landfill gas-to-energy projects.  The company filed to change its name (d/b/a) to Landfill Energy Systems in 1993.  The company has constructed a total of twenty-seven landfill gas-to-energy facilities to date, including those built for itself, in partnership with others and for third parties.

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