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LONDON, UK, April 14, 2004 -- Rockland Capital
Energy Investments Limited (Rockland) announced
today that it has acquired an economic interest
in the US$ Fixed and Floating Rate Notes issued
by Teesside Power Financing Limited in July
1999.
The acquisition represents approximately 65%
of the Notes under issue and accounts for approximately
27.5% of the equity interests in Teesside Power
Limited via the Bonds trustee arrangements.
Financial terms of the transaction are not being
disclosed.
The Teesside Power Financing Bonds represents
Rocklands third acquisition since forming in
March of last year. "This acquisition is part
of our continuing goal to invest either directly
or indirectly in independent power projects
in key markets," said Martin Pickard, Managing
Director of Rockland Capital Europe. Rockland
has nearly 1,000 MWs of power assets either
under direct/indirect ownership or management.
The company was advised by Chadbourne & Parke.
Rockland is a privately funded energy investment
company managed by former El Paso Corp executives
W. Scott Harlan and David Yeager in Houston,
Texas and Martin Pickard in London, England.
The firm was created to capitalize on the substantial
business opportunities resulting from the deregulating
power industry in North America and Europe.
Rockland has a differentiated and 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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