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Paul Prager and Natural Gas Partners have agreed to buy assets owned by the City of Vernon, Calif., valued at $342 million. The assets include the 134 MW Malburg Generating Station, economic interests in 11 MW generated by the Palo Verde Nuclear Generating Station and 22 MW from the Hoover Uprating Project, as well as the City's interests in the Mead-Adelanto Transmission Project and the Mead-Phoenix Transmission Project.

Debt financing is being provided by Lehman Brothers. Completion of the transaction, which is expected by early Q1 of 2008, is subject to fulfillment of regulatory approvals and conditions established within the agreement.

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