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HOUSTON, TX, Aug 2, 2006 -- Rockland Capital
Energy Investments and GSO Capital Partners
announced today that they have purchased a 44-percent
interest in Midland Cogeneration Venture (MCV)
from El Paso Corporation for $13 million. MCV
is a 1,500-megawatt natural gas-fired project
located in Midland, Michigan.
The facility began commercial operation in 1990
and sells power and steam under long-term contracts
to Consumers Energy and Dow Chemical. Rockland
and GSO will jointly manage the project.
For Rockland and GSO this transaction follows
last month's announcement in which they disclosed
an agreement to purchase Consumers Energy's
interest in MCV. Upon closing of the Consumers
transaction, Rockland and GSO will collectively
own 93-percent of the equity interests in MCV
in addition to a 35-percent lessor interest.
GSO Capital Partners LP is an investment advisor
specializing in the leveraged finance marketplace.
Funds managed by GSO invest in a broad array
of assets including private equity securities,
mezzanine securities and leveraged loans. The
firm has approximately $5 billion in assets
under management and has over 90 professionals
in New York, London and Houston.
Rockland Capital Energy Investments, a private
energy investment company founded in 2003, focuses
on the acquisition, development and optimization
of companies and projects in the North American
and European energy sectors.
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