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FOR IMMEDIATE RELEASE NEW ENERGY CAPITAL ANNOUNCES SALE OF INDIANA ETHANOL FACILITY TO BABCOCK & BROWN HANOVER, NH, June 20, 2007 –-/WORLD-WIRE/-– New Energy Capital Corp. today announced the sale of the Iroquois Bio-Energy Company, LLC ("IBEC"), a 45 million gallon per year ethanol plant located in Rensselaer, Indiana, to Babcock & Brown (ASX: BNB). Terms of the sale were not disclosed. The IBEC facility, located in Rensselaer, Indiana, began operation in January 2007. The plant currently processes approximately 16 million bushels of corn to produce 45 million gallons of ethanol per year. New Energy Capital, which owned 57% of the facility, began working with the local IBEC development team in 2004. The facility was built by Fagen, Inc. the leading ethanol engineering and construction company, utilizing process technology from ICM, Inc., the world leader in ethanol process design. Scott Brown, CEO and co-founder of New Energy Capital said: "We are delighted with our investment in IBEC which has produced a highly attractive return for our investors and co-investors, many of whom are local farmers and members of the Rensselaer community. The investment is also providing substantial economic benefits for the local economy and has added an important facility to the country’s clean energy infrastructure. The operating team is superb, and we wish them well as part of the Babcock & Brown enterprise." Everett Smith, CFO of New Energy Capital noted: "With our dedicated focus on clean infrastructure, and deep understanding of this sector, NEC is one of the first private equity investors to successfully transition a significant ethanol project from greenfield development into operation. We look forward to building on this experience as we continue to invest in companies and projects which address the world’s resource limits." The acquisition marks continued growth for Babcock & Brown in the ethanol industry, which now has two facilities in operation and two in construction. New Energy Capital Corp. (www.newenergycapital.com) is a New England-based company that invests in, owns and operates renewable energy and distributed generation projects. The Company is funded by VantagePoint Venture Partners (www.vpvp.com) one of the nation’s largest and most active venture capital firms, and the California State Teachers’ Retirement System (CalSTRS). CONTACT: Scott Brown New Energy Capital Corp. 53 South Main Street Hanover, NH 03755 Tel: 603-643-8885 Email: info@newenergycapital.com Website: www.newenergycapital.com |