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Duke Energy Expands Wind Operations with Acquisition of Catamount Energy Corporation June 26, 2008

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Duke Energy announced today the acquisition of Catamount Energy Corporation from funds affiliated with Diamond Castle Holdings, LLC (Diamond Castle), a transaction that will significantly increase Duke Energy’s wind energy operations.

“This acquisition reinforces Duke Energy’s commitment to clean, renewable energy as a major component of electricity generation throughout the U.S.,” said Wouter van Kempen, president of Duke Energy Generation Services (DEGS), a business unit of Duke Energy that owns and develops renewable energy assets.  

Catamount Energy was formed in 1992. Since 2001, the company has focused on developing wind projects in the U.S. and United Kingdom. Catamount has approximately 300 megawatts of renewable energy in operation, including its interests in the Sweetwater project in Nolan County, Texas, which is one of the largest wind projects in the world. Additionally, Catamount has approximately 1,750 megawatts of development interests in several states and the U.K.

Michael Ranger, a senior managing director of Diamond Castle, said: “We are very proud of the growth that Catamount experienced during our ownership period. Catamount’s management team took an early stage wind business and grew it into a strong operating company with a great development function.”

“Bringing in the experience and proven track record of Catamount provides Duke Energy with an opportunity to broaden its investment in renewable energy, and continue its efforts to reduce carbon emissions,” said David Marks, DEGS senior vice president of wind energy. 

Today’s acquisition, valued at approximately $240 million plus assumed debt, is a continuation of Duke Energy’s strategy to develop renewable energy. In May 2007, Duke purchased Tierra Energy, a leading wind developer in Austin, Texas. The combined entity will have more than 5,000 megawatts of wind energy under development in 12 states and approximately 500 megawatts of operating assets by the end of 2008.

Today’s announcement follows several other recent renewable initiatives announced by Duke Energy, including a $100 million plan to install electricity generating solar panels at up to 850 North Carolina sites; a plan to purchase electricity output from the nation’s largest photovoltaic solar farm to be built in Davidson County, N.C.; a 20-year contract to purchase 100 megawatts from a wind farm in Indiana; and a request for proposals to purchase significant amounts of electricity from renewable energy providers in Ohio.

Diamond Castle Holdings, LLC is a private equity firm with over $1.85 billion of committed capital under management. Founded in 2004, Diamond Castle specializes in leveraged buyouts, growth capital and equity-like investments in both public and private companies. Diamond Castle targets investments in the following industry sectors: media and communications, energy and power, financial services, healthcare and diversified industries. Diamond Castle has 25 employees located in New York, New York. For more information please visit

Duke Energy Generation Services (DEGS) develops, owns and operates electric generation for large energy consumers, municipalities, utilities and industrial facilities. DEGS specializes in developing innovative and environmentally sound generation solutions using a variety of fuels, including natural gas, coal, waste coal and wood, as well as wind and other renewable energy.

Duke Energy, one of the largest electric power companies in the United States, supplies and delivers electricity to approximately 4 million U.S. customers in its regulated jurisdictions. The company has approximately 35,000 megawatts of electric generating capacity in the Midwest and the Carolinas, and natural gas distribution services in Ohio and Kentucky. In addition, Duke Energy has more than 4,000 megawatts of electric generation in Latin America, and is a joint-venture partner in a U.S. real estate company.

Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at:

Contact: Dave Scanzoni
Phone: 704-382-2543
24-Hour Phone: 704-382-8333

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