07.10.03

7.10.2003: Meldung: Calpine Power Income Fund Closes on $120 Million

Calpine Power Income Fund today announced that through Calpine Commercial Trust, it has obtained a $120 million extendible revolving term credit facility (the "Facility"). The Facility has a three-year term, comprised of a two-year revolving period followed by a one-year term period and is split into two tranches. One tranche of $90 million is available only to finance strategic acquisitions, with the remaining $30 million tranche available to the Fund for acquisitions, as well as for general corporate purposes.

The Facility was arranged by Union Bank of California, Canada Branch and National Bank Financial, with Scotia Capital and Canadian Western Bank as other members of the banking syndicate.

"This new credit facility represents another foundation piece for the Calpine Power Income Fund. The facility benefits the Fund in three important ways," said Rohn Crabtree, President and CEO of Calpine Canada Power Ltd., the manager of the Fund. "It gives the Fund the ability to act quickly to capitalize on attractive, accretive purchase opportunities and it provides working capital to fund capital projects and meet short term cash requirements that further enhance the stability of the Fund."

Calpine Power Income Fund is an unincorporated open-ended trust that invests in electrical power assets. The Fund indirectly owns interests in two power plants in British Columbia and Alberta and has a loan interest in a power plant in Ontario. The Fund is managed by Calpine Canada Power Ltd., which is headquartered in Calgary, Alberta.

The Calpine Power Income Fund units are listed on the Toronto Stock Exchange under the symbol CF.UN. The Fund also has warrants that trade under the symbol CF.WT. For further information on the Fund, please visit our website at http://www.calpinepif.com/ or contact:

Lisa Poelle Art MacNichol Manager, Vice President Investor & Media Relations and Chief Financial Officer Phone: 403-781-6200 Phone: 403-750-3378 Email: ir@calpinecanada.com
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