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HOUSTON, TX, Jan 27, 2004 -- Lightyear Capital,
LLC, a private equity firm that manages more
than $2 billion in assets, and Rockland Capital
Energy Investments, LLC, today announced that
they have acquired Ripon Cogeneration, Inc.,
from Tractebel Power, Inc., a subsidiary of
Suez SA (NYSE: SZE).
Lightyear Capital, through its partnership,
The Lightyear Fund, LP, now owns a majority
interest in Ripon Cogeneration. Rockland Capital
Energy Investments will manage the company from
its Houston office. Both Rockland and D. Milne
Associates, LLC (DMA) own minority interests
in the projects. Further financial details are
not being disclosed.
Ripon Cogeneration, Inc. owns and operates
two electric generating facilities in California,
which have long-term power purchase agreements
with the local regulated utility in their respective
service territories. The 47 megawatt Ripon facility,
located in San Joaquin county, 70 miles south
of Sacramento, sells power to Pacific Gas &
Electric. The 41 megawatt San Gabriel facility,
located in Pomona, sells power to Southern California
Edison. Both facilities are natural gas-fired
stations and will be operated by North American
Energy Services, a leading third-party operator
of independent power projects.
"The Ripon Cogeneration acquisition provides
Lightyear with an excellent platform to make
additional investments in the energy sector,"
said Donald B. Marron, chairman and chief executive
officer of Lightyear Capital, LLC. "We
are also delighted to partner with Rockland
and DMA, firms that possesses solid industry
experience and relationships with major utility
companies and others likely to divest modest-sized
power generation facilities. This investment
also fits with our investment strategy of investing
in quality companies that have stable and recurring
revenue bases built on excellent service and
strong customer relationships."
"Rockland is enthusiastic both about our
newly-formed partnership with Lightyear and
the opportunities this transaction creates for
us. These assets fit our strategy of acquiring
well-run qualifying facilities with long-term
power purchase agreements," said Scott
Harlan, chief operating officer and managing
director of Rockland. "We look forward
to the chance to participate in the California
power market and to make the most of the inherent
value embedded in these assets."
ABOUT LIGHTYEAR CAPITAL
Lightyear Capital, LLC (www.lycap.com) is a
New York-based private equity investment firm
that manages approximately $2 billion in assets,
including The Lightyear Fund, L.P., a $750 million
private equity fund. The Lightyear Fund invests
in leveraged buyouts, recapitalizations, and
growth capital opportunities in financial services
and other select industries. Lightyear's approach
to investing centers on partnering with skilled
management teams who lead quality companies
with significant potential for growth, either
organically or through acquisitions.
ABOUT ROCKLAND CAPITAL ENERGY INVESTMENTS
Rockland Capital Energy Investments,
LLC (www.rocklandcapital.com) is a privately
funded energy investment company managed by
former El Paso Corp. executives Scott Harlan
and David Yeager in Houston, Texas and Martin
C. Pickard in London, England. The firm was
created to capitalize on the substantial business
opportunities resulting from the recent financial
turmoil in the deregulated power industry in
North America and Europe. Rockland has a disciplined
business plan focused on acquiring and optimizing
independent power projects with long-term contracted
cash flows. The company has offices in New York,
Houston, London and Dortmund.
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