InterGen Announces Completion of $3.4 BN Refinancing Transaction

Burlington, MA, July 31, 2007 - InterGen today announced that it had completed a $3.4 bn refinancing of a significant portion of its debt.

The transaction consists of a $1.875bn issuance of bonds in dollars, euros and sterling and $1.55bn of bank debt (a revolver loan up to $750m and an $800m Term B loan). The joint book running managers are Merrill Lynch International, Lehman Brothers, Barclays Capital and Deutsche Bank Securities.

InterGen will use the net proceeds of the financing transactions to, among other things, refinance existing parent company debt and repay project level debt associated with three InterGen plants in the United Kingdom and one in Mexico.

"We believe the positive reception we received from investors amidst a turbulent debt market clearly shows the financial community recognition of the operating and financial strength of our company and our prospects for future growth," said Neil Smith, InterGen President & Chief Executive Officer. "This is a transformative event for InterGen and a significant step forward in our mission to become one of the preeminent global power companies."

InterGen is a global power generation firm with 9 power plants representing an equity share of 5,235 MW of production capacity. InterGen plants and development projects are located in the UK, the Netherlands, Mexico, the Philippines, Australia and Singapore. InterGen is jointly owned by the Ontario Teachers' Pension Plan and AIG Highstar Capital II, L.P.

For more information on InterGen, visit www.intergen.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the notes referred to herein in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The notes will not be registered under the Securities Act or applicable state securities laws, and are being offered by the initial purchasers only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the Securities Act. Unless so registered, the notes not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.