Plainfield Renewable Energy Project Wins Two Deal of the Year Awards

SAIC is financing, designing, and building
this innovative biomass plant

MCLEAN, Va. – Plainfield Renewable Energy project, a $225 million biomass facility in Plainfield, Conn. financed by Science Applications International Corporation (SAIC) [NYSE: SAI] along with Carlyle Energy Mezzanine Opportunities Group and sponsored by Enova Energy Group, has received two awards from Energy Risk and Project Finance. The Plainfield Renewable Energy project won the Deals of the Year award from Energy Risk and the North American Mezzanine Deal of the Year 2011 award from Project Finance.

SAIC is engaged as the engineering, procurement, and construction (EPC) contractor under a fixed-price, date-certain contract for the project, which is being developed by Enova Energy Group. As part of its financing arrangements, SAIC is deferring its fees under the EPC contract to construct the biomass facility. The Plainfield Renewable Energy project will generate 37.5 megawatts (net) of clean energy to power the equivalent of 37,000 homes. The project will consume wood readily available from various sources such as construction and demolition (C&D) debris, recycled wood pallets, and land clearing materials using a unique, proven, and low-risk gasification process.

The Plainfield Renewable Energy project is the only C&D waste-to-power facility to receive renewable energy credits in southern New England. The National Resources Defense Council has endorsed the project and now points to it as the model of good, clean use of waste resources. Additionally, the project will create significant employment opportunities in the region during construction and on a permanent basis for all components of facility operations and maintenance.

“At SAIC, we help our customers tackle the growing need for a renewable and secure energy supply. We are very pleased to be a part of this innovative biomass facility and to have it already receive award recognition in the industry,” said J.T. Grumski, SAIC senior vice president and business unit general manager.

Connecticut Light & Power will purchase power from the plant based on a 15-year off-take agreement, utilizing the plant’s status as a renewable power source. The Plainfield Renewable Energy project has all necessary permits to construct the facility and anticipates completion in December 2013.

The project is unique in that it was financed by an alternative provider of debt capital, with no commercial bank, investment bank, or export credit agency involved. In spite of significant structuring and diligence complexity, the financing team was able to close and fund the project before year-end to support the 1603 cash grant requirements. Had the facility not been financed in 2011, it likely would not have been built due to the 1603 eligibility constraints.

“We are pleased to partner with SAIC and Enova to develop the Plainfield project,” said David Albert, Managing Director at Carlyle’s Energy Mezzanine Opportunities Group. “Meeting an accelerated financing timetable was critical for the project, and in this we were glad to have been able to do our part.”

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About SAIC
SAIC is a FORTUNE 500® scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy & environment, health, and cybersecurity. The company's approximately 41,000 employees serve customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. Headquartered in McLean, Va., SAIC had annual revenues of approximately $11 billion for its fiscal year ended January 31, 2011. For more information, visit www.saic.com SAIC: From Science to Solutions®

About The Carlyle Group
The Carlyle Group is a global alternative asset manager with $147 billion of assets under management in 89 active funds and 52 fund of fund vehicles as of December 31, 2011. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has developed expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs approximately 1,300 people in 33 offices across six continents.

Web: www.carlyle.com
The Carlyle Group – YouTube Channel

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