Powerful new dynamics - dramatically higher oil and gas prices, widespread energy price volatility, public concern regarding the environmental impact of power projects, the Kyoto Climate Change Protocol, and growing oil supply insecurity associated with conflict in the Middle East - are producing an unprecedented transformation in the energy industry.

This shift has created a strong demand for equity capital to finance renewable, more distributed and more efficient energy projects. These assets will play a major role in boosting the reliability of the electric transmission grid, advancing U.S. energy security and providing substantial environmental benefits.

Investments in these assets offer some of the most attractive, low-risk opportunities in the energy sector and are forecast to grow by $4-8 billion annually over the next decade.

NEW ENERGY CAPITAL makes strategic investments and acquisitions in:

• Renewable Energy Assets - including wind, biomass, geothermal, photovoltaic and biofuels, and

• Distributed Generation Assets - producing power onsite and close to an end user

We invest in commercially proven energy projects rather than new - and often unproven - energy technologies. Our focus is on acquiring assets that:

• Employ strong contractual structures and offer attractive risk-adjusted returns;

• Typically, have a capital cost of less than $100 million and can be leveraged with project-level debt;

• Are in the development or pre-construction phase;

• Are located within North America; and

• Offer attractive economic, reliability and public policy advantages.

NEC investors are a qualified and limited group of institutions and pension funds.