Sithe closes financing for Mystic 8 & 9, Fore River

Sithe Boston Generating, LLC, a wholly-owned subsidiary of Sithe Energies, Inc., announced today that it has closed $1.25 billion of financing for the construction of a new 1,600 MW power generating facility -- the largest new facility in New England -- at Mystic Station in Everett, MA, and a new 800 MW power generating facility, the Fore River Station, in North Weymouth, MA.

William Kriegel, chairman and chief executive officer of Sithe, said, "These state-of-the-art facilities mark a solid step forward in meeting the growing demand for energy in the greater Boston and New England market. The Mystic Station expansion project and the new Fore River Station will provide clean, safe, low-cost and efficient power throughout the region."

Sithe currently operates Mystic Station, a 1,005 MW power generating facility in Everett, MA, New Boston, a 780 MW facility located in South Boston, MA, and a variety of combustion turbines totaling 250 MW of generation capacity in the area. The new 1,600 MW Mystic units will use combined-cycle technology fueled by natural gas. The new Fore River facility will use combined-cycle technology fueled by both natural gas and low-sulfur distillate oil. Both sites are located inside or near the transmission-constrained Boston region and are expected to enter service in the spring of 2002, in time for the seasonal peak electricity demand period of the summer of 2002.

Lead Arrangers of the financing were BNP Paribas and Credit Suisse First Boston. Credit Lyonnais also acted as Arranger for the financing. Fourteen additional international banks also participated in the initial syndication process. General bank syndication is expected to commence on Wednesday, February 14, 2001 with a bank meeting in New York. For additional details about the bank meeting, please call Sandra Manilla at 212-351-0061.

Sithe Energies, Inc., founded in 1985 and headquartered in New York City, has an extensive portfolio of projects in operation, under construction, or in active development worldwide. In North America, Sithe presently owns and operates 27 power generation facilities with approximately 3,800 MW of net merchant generating capacity. It has five facilities under construction with an estimated capacity of approximately 2,600 MW of generation capacity and six facilities in various stages of advanced development with an estimated capacity of approximately 3,400 MW of generation capacity.

Sithe North America is owned 49.9% by Exelon Holdings, Inc., a wholly-owned subsidiary of Exelon Corporation, approximately 34% by subsidiaries of Vivendi Universal, approximately 15% by subsidiaries of Marubeni Corporation and approximately 1% by Sithe management.

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