AIG, DLJ Acquire Interest In American Ref-Fuel

Date: March 20, 2003

Source: News Room

AIG Highstar Capital and DLJ Merchant Banking Partners III, L.P. have reached a definitive agreement with Duke Energy North America to acquire its 50 percent interest in Duke/UAE Ref-Fuel. Duke/UAE Ref-Fuel owns American Ref-Fuel Company, a holding company for six waste-to-energy facilities in the Northeastern United States. The agreement calls for a newly formed entity owned by Highstar Renewable Fuels LLC and CSFB Private Equity to pay Duke Energy approximately $306 million and is expected to close by mid-year. American Ref-Fuel Company's facilities, located in Connecticut, Massachusetts, New Jersey, New York and Pennsylvania, convert municipal solid waste into energy and have a gross capacity of approximately 380 megawatts.
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