ENERGY INVESTORS FUNDS CLOSES ON CREDIT FACILITY FINANCINGS FOR THREE OF ITS FUNDS

BOSTON, MA (July 22, 2009)  Energy Investors Funds ("EIF"), an established private equity fund manager that invests in the U.S. energy and electric power sector, today announced that it has successfully closed on financings for three of its fund credit facilities. The firm's United States Power Fund III, L.P. ("USPF III") increased the size of its credit facility from $435 million to $467.5 million and also extended the maturity for two years to May 2011 (the "USPF III Facility"). The firm's United States Power Fund II, L.P. ("USPF II") and USPF II Institutional Fund, L.P. ("Institutional Fund") (together, the "USPF II Funds") extended their respective credit facility maturity dates to June 2010.

For USPF III, the larger credit facility allowed the fund to increase its recent equity commitment to the Astoria Energy II project and retain excess capacity for other investments. Prior to this closing, the USPF III Facility had both a one-year and a three-year tranche. With this two-year extension, the two tranches are now coterminous (May 2011). Citibank, N.A. was the sole arranger for the USPF III Facility, and the three lenders for the $250 million two-year tranche are Citibank, N.A., Bank of America, N.A., and Deutsche Bank. These banks and Commerzbank, A.G. are the lenders for the $217.5 million three-year tranche.

For the USPF II Funds, the one-year extension will provide credit support through the terms of the funds respective investment commitment periods. BMO Capital Markets was the sole arranger and largest lender for the $75 million USPF II Facility. Union Bank, N.A. and DZ Bank, A.G. provided the remaining capital for this three-bank syndicate. Bank of Montreal is the sole lender for the $45 million Institutional Fund credit facility.

We are extremely pleased to have closed on these financings, said Mitch Coddington, Partner and Chief Financial Officer at EIF. Given the challenging economic and credit environment this year, our ability to close on almost $600 million of bank financings with seven banks and for three separate funds is a testament to our strong relationships with each of these lenders, the quality of our limited partners, and the strength of each fund's investment portfolio.

These credit facilities are used by EIF primarily to secure equity commitments to projects under construction with standby letters of credit, rather than with investors' capital. In addition, the credit facilities provide short-term working capital.

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 an investment manager, 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 $4 billion in capital raised in seven funds, and currently manages four private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 100 diversified investments.EIF controls 4,000 MW of operating power assets with another 2,200 MW of power assets under development or construction. For more information visit www.eif.com.

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