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HOUSTON, TX, Jan 27, 2004 -- Rockland Capital Energy Investments, LLC
(Rockland) announced today that its affiliate, Rockland Prime Holdings
LLC, has acquired a 50% interest in Prime Energy LP, owner of a 65
megawatt electric generating plant in Elmwood Park, NJ, from Aquila
Corp (NYSE:ILA).
The plant is a gas and oil fired
cogeneration facility which sells its output to Jersey Central Power
& Light Co. and Marcal Paper Mills, Inc. under long-term
contracts. All existing plant employees will be transferred to North
American Energy Services, which will operate the project.
Terms of the transaction were
not disclosed.
Prime Energy represents
Rockland's first acquisition since its formation in March of last year.
"This acquisition is part of our continuing strategy of acquiring and
optimizing independent power projects in key markets," said Scott
Harlan, Chief Operating Officer and Managing Director of Rockland.
"Prime gives Rockland a foothold in the IPP market which we look to
expand with future opportunities."
Rockland is a private energy
investment company managed by former El Paso Corp executives Scott
Harlan and David Yeager in Houston and Martin Pickard in London. The
firm was created to capitalize on the substantial business
opportunities resulting from the recent turmoil in the deregulated
power industry in North America and Europe. Rockland’s business plan is
focused on the optimization of independent power projects with
long-term contracted cash flows. The company has offices in New York,
Houston, London and Dortmund.
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