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HOUSTON, TX, Dec 14, 2006 -- Rockland Capital
Energy Investments, LLC ("Rockland") announced
today that its affiliate, Rockland Prime Holdings,
LLC ("Rockland Prime"), has completed the sale
of the Prime Energy Cogeneration Facility to
Renewable Power & Light, a Calgary, Alberta
based independent power producer recently listed
on London's Alternative Investment Market.
Terms of the transaction were not disclosed.
The Prime Energy Cogeneration Facility is a
65 megawatt electric generating plant located
in Elmwood Park, NJ. Rockland Prime acquired
its initial 50% interest in the Prime Energy
Limited Partnership from Aquila Corp (NYSE:
ILA) in January of 2004. At the time, the facility
sold all its output to Jersey Central Power
& Light ("JCP&L") and Marcal Paper Mills, Inc.
("Marcal") under long-term contracts. In September
2005, Rockland Prime restructured the power
purchase agreement between the partnership and
JCP&L. The restructuring included the termination
of the existing power purchase agreement and
the transformation of the station into a merchant
facility. Immediately following the restructuring,
Rockland purchased the remaining 50% interest
in the partnership from Goldman Sachs Group,
Inc (NYSE: GS).
"Our investment in Prime highlights Rockland's
overall strategy," said Scott Harlan, Chief
Operating Officer and Managing Director of Rockland.
"We identified an undervalued asset, completed
a difficult restructuring with both its steam
and electric customers and with the sale of
the plant today, we completed a successful exit."
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. For more information
visit www.rocklandcapital.com.
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