IDACORP Financial, IDACORP, Inc.’s investment subsidiary, engages in non-regulated, diversified investments, including affordable housing programs and historic preservation projects.

IDACORP Financial began with a $2 million venture capital investment in 1986 and was formed with a total equity investment of $6.5 million. That investment has grown to nearly $40 million of shareowner equity by the end of 2002. IDACORP Financial has consistently delivered significant earnings on the equity invested.

These investments provide returns by reducing federal income taxes through tax credits and tax depreciation benefits.

IDACORP Financial’s total portfolio now exceeds $160 million in tax credit investments. The resulting footprint of those investments covers Puerto Rico, the U.S. Virgin Islands and every state except Alaska. The underlying investments include more than 700 individual properties, four of which are direct investments.