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July 31, 2014 - Beacon Power Flywheel Energy Storage Plant Reaches Full Commercial Operation

TYNGSBORO, MA - July 31, 2014 -- Beacon Power, LLC ("Beacon") the world’s leading manufacturer of grid-scale flywheel energy storage systems, reached full commercial operations at their flywheel energy storage plant in Hazle Township, Pennsylvania. The plant includes 200 flywheels and provides 20 MW of frequency regulation to the PJM interconnection market — the world’s largest wholesale electricity market.

Beacon also announced that its Series 400 flywheel systems, which began commercial operation in 2008, have now exceeded six million cumulative operating hours. In addition to the Pennsylvania project, the company operates two other commercial flywheel facilities, including a 20-megawatt plant in Stephentown, New York.

“We are thrilled to announce this latest achievement,” said Barry Brits, President and Chief Executive Officer for Beacon Power. “The project is another successful demonstration of Beacon’s energy storage technology, helping to facilitate a more stable grid here in Pennsylvania. We are grateful for the support of all who helped make the project a success including state and local officials, hard-working Pennsylvania subcontractors, and members of the local communities.”

Brits continued, “we have logged well over 6 million hours of operation on our Series 400 flywheel systems and continue to refine the performance characteristics while reducing pricing so that the Beacon flywheels offer a more compelling role in a broader set of applications such as renewable integration, industrial power quality & efficiency management and microgrids.”

In response to FERC Order 755, which incents participation from fast responding energy storage units like the Hazle project, the PJM market has become more efficient enabling it to procure approximately 20% less capacity to provide its required frequency regulation without an impact on system reliability.

About Beacon Power
Beacon Power is a pioneer and global leader in the design, development and commercial deployment of flywheel-based energy storage systems offering proven solutions at the utility-scale for power grid efficiency, frequency regulation, grid security, renewable power integration and other ancillary services.

Beacon has been providing grid stability services to electric power grids in the U.S. since 2008 and has over 400 flywheel storage systems and 40 MW deployed. The company’s headquarters and manufacturing facility is in Tyngsboro, Massachusetts. For more information visit: www.beaconpower.com

May 23, 2014 - Rockland Capital Completes Acquisition of Sabine Cogen Interest

Rockland Capital Completes Acquisition of Sabine Cogen Interest

HOUSTON, TX - May 23, 2014 -- Rockland Capital, LLC ("Rockland") announced today that its affiliate, Bayou Power, LLC, has completed its acquisition of a 50% interest in Sabine Cogen, a natural gas-fired cogeneration facility located in Orange, Texas ("Sabine").

Rockland acquired its interest in Sabine from an affiliate of ArcLight Capital Partners, LLC.

Sabine, a 105 megawatt cogeneration facility, began commercial operations in 1999 and sells power and steam to the adjacent Lanxess Corporation chemical facility. The plant also sells a portion of its energy into the MISO market.

“Sabine Cogen represents an opportunity for Rockland to invest in a highly-efficient cogeneration facility with a stable steam host and exposure to the developing MISO South region,” said Will Zapalac, Partner of Rockland Capital.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners II, Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York. For further information visit www.rocklandcapital.com.

April 8, 2014 - GE Unit Provides $50 Million Loan for Elgin Energy Center

GE Unit Provides $50 Million Loan for Elgin Energy Center

LAS VEGAS and ELGIN, IL - April 8, 2014 -- Growing its power lending portfolio, GE unit (NYSE: GE) GE Energy Financial Services is providing a loan to investment firm Rockland Capital, LLC to support its acquisition of the gas-fired Elgin Energy Center in Illinois.  The deal was announced today at the 29th Annual Platt's Global Power Markets Conference in Las Vegas where GE Energy Financial Services serves as an Executive Sponsor. Rockland Capital purchased the power generation facility, which sits on a 27-acre site 40 miles northwest of Chicago, as part of a larger acquisition earlier this year. GE Energy Financial Services is providing a $50 million senior secured term loan that will be used in part to finance the Elgin acquisition and pay related fees and expenses. Further details of the transaction were not disclosed.

The 484-megawatt Elgin peaking power plant, which sells its capacity into the PJM market, began operating in 2002 with four simple-cycle natural gas-fired turbines. Its operations and maintenance are provided by ProEnergy Services with additional energy management services by Tenaska Power Services.

Carl Peterson, Managing Director and Debt Origination leader at GE Energy Financial Services, said, “The Elgin investment marks our first opportunity to serve Rockland Capital as a lead lender, and underscores GE’s ability to lead both contracted and merchant power transactions.

Shane Litts, Partner at Rockland Capital, added, “We partner with key industry players like GE to free up capital for other projects and focus on asset optimization.”

GE Energy Financial Services holds equity and debt investments in power projects with a combined capacity of 30 gigawatts, equivalent to the installed generating capacity of Norway. Recent power lead arranging transactions include the Saguaro Power Plant in Nevada and Nelson Energy Center in Illinois. The GE unit offers flexible financial structures ranging from common and preferred equity to debt and acquisition finance.

The Elgin Energy Center is part of a 1,166 MW portfolio of three Illinois power plants that Rockland Capital acquired from Ameren Corporation in January. The transaction was the first acquisition for Rockland Power Partners II, a $425 million investment fund closed in December 2013.

About GE Energy Financial Services
GE Energy Financial Services - GE’s energy investing business - works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money expertise for essential, long-lived and capital-intensive power, oil and gas infrastructure -- GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $16 billion in assets. More information: www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ

About GE
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners II, Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York. For further information visit www.rocklandcapital.com.

Media contact:
Jaclyn Cole, GE Energy Financial Services (203) 961-2934

March 31, 2014 - Lakeswind Power Partners' Wind Facility Achieves Commercial Operations

Lakeswind Power Partners' Wind Facility Achieves Commercial Operations

HOUSTON, TX - March 31, 2014 -- Rockland Capital, LLC (“Rockland”) owner of Lakeswind Power Partners, LLC ("Lakeswind"), announced today that commercial operations have begun at its 49.9MW wind facility near Rollag, Minnesota. Construction of the project took approximately eight months and was led by Wanzek Construction.

General Electric’s wind services team has started on-site and is providing full-time operations and maintenance services for the project, which is comprised of thirty-two General Electric wind turbines.

The project will sell 100% of its power output under 20-year contracts to a consortium of municipalities in Wisconsin and Michigan. Lakeswind also will qualify for the Federal Production Tax Credit.

“We are excited to announce that the Lakeswind Project is complete and fully operational. Our counterparties and asset management team did a fantastic job getting the project through construction to commercial operations, particularly considering the harsh winter in Minnesota this year. Rockland looks forward to continuing success at the project as we transition to operations.” said Shane Litts, Partner of Rockland Capital.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners II, Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.  For further information visit www.rocklandcapital.com.

January 31, 2014 - Rockland Capital Completes Acquisition of Ameren Gas Generation Portfolio

Rockland Capital Completes Acquistion of Ameren Merchant Gas Generation Portfolio

HOUSTON, TX - January 31, 2014 -- Rockland Capital, LLC (“Rockland”) announced today that its wholly owned affiliate, Main Line Generation, LLC, has completed the acquisition of three natural gas-fired generation facilities from a subsidiary of Ameren Corporation (NYSE: AEE). The 1,166 MW portfolio consists of Grand Tower Energy Center, a 478-megawatt combined cycle facility, Elgin Energy Center, a 460-megawatt simple cycle facility and Gibson City Energy Center, a 228-megawatt simple cycle facility.

All of the plants are located in Illinois. Grand Tower and Gibson City are interconnected to the MISO system, and Elgin is interconnected to the PJM system. All facilities are merchant, selling energy and capacity into their respective markets.

“Rockland is excited to expand its footprint into the Midwest with this acquisition. We find the fundamentals of the MISO market to be very interesting, and Elgin, in the PJM RTO sub region, complements our existing activities in PJM East,” said Shane Litts, Partner of Rockland Capital.

This transaction marks the first acquisition for Rockland Power Partners II, LP (“RPP II”), a $425 million investment fund closed in December 2013. RPP II is the firm’s third investment pool focused on the power industry and was raised with broad support from new and existing investors resulting in an oversubscribed fund in less than six months.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.  For further information visit www.rocklandcapital.com.

December 6, 2013 - Rockland Capital Closes Rockland Power Partners II at $425 Million

Rockland Capital Closes Rockland Power Partners II at $425 Million

HOUSTON, TX - December 6, 2013 -- Rockland Capital, LLC (“Rockland”) a private equity firm focused on the acquisition and optimization of companies in the North American power sector, today announced that it has successfully closed the firm’s latest institutional fund, Rockland Power Partners II, LP (“RPP II”), with $425 million in commitments from 34 institutional investors. 

The fundraising was launched in late June with a $425 million target and hard cap. The fund garnered strong support from most of Rockland’s existing investors and some new limited partners. “We were very pleased to receive interest from a broad range of the investment community. The indications of interest exceeded our needs resulting in an efficient fundraising process that took less than 6 months” said Scott Harlan, Managing Partner of Rockland Capital. “The two most significant factors that allowed us to raise capital were the experienced team and the firm’s continued focus on under-managed North American power investments requiring active management to create value.”

The first investment for RPP II is expected to be Rockland’s acquisition of three natural gas plants in Illinois to be purchased from Ameren. The closing of this previously announced transaction is pending regulatory approval.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.  For further information visit www.rocklandcapital.com.

August 20, 2013 - Lakeswind Power Partners Constructing Wind Facility in Minnesota

Lakeswind Power Partners Constructing Wind Facility in Minnesota

HOUSTON, TX - August 20, 2013 -- Rockland Capital, LLC (“Rockland”) owner of Lakeswind Power Partners, LLC (“Lakeswind”), is constructing a 49.9 MW wind facility in Rollag, Minnesota, approximately 30 miles east of Fargo, North Dakota.  Once completed, Lakeswind will sell a majority of its power under a 20‑year contract with the Wisconsin municipal joint action agency Great Lakes Utilities (“GLU”).  

Construction began at the project site in July, and Rockland expects Lakeswind to reach commercial operations in the first quarter of 2014.  Lakeswind will utilize thirty-two 1.5 MW General Electric wind turbines and is being constructed by Wanzek Construction, based in Fargo, North Dakota.  The project will qualify for Federal Tax Credits once complete.

“Lakeswind is an exciting opportunity for Rockland to invest in a fully contracted wind project with strong counterparties.  This project would never have happened without the support and cooperation of GLU, which has committed to 81% or approximately 40 MW of the project,” said Shane Litts, Partner of Rockland Capital.

“Participating in the Lakeswind project is a great opportunity for Great Lakes Utilities and its members,” said Jem Brown, Chairperson of GLU.  “We are purchasing clean, renewable energy at a competitive long-term, fixed rate, which is critical in today’s energy markets.”

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.  For further information visit www.rocklandcapital.com.

May 13, 2013 - BL England Natural Gas Pipeline Approved

BL England Natural Gas Pipeline Approved

UPPER TOWNSHIP, NJ - May 13, 2013 -- The Upper Township committee has approved construction of a 22-mile natural gas pipeline from Millville to Beesley’s Point, New Jersey using town land. The pipeline will be constructed by South Jersey Gas to deliver natural gas to the BL England power plant in Beesley’s Point as part of its $400 million conversion from coal and oil to natural gas. It will also reinforce the fuel supply to 60,000 customers in Cape May County, all of whom are currently served by a single pipe. The New Jersey Board of Public Utilities also granted approval on April 29.

Following the completion of the natural gas conversion in 2016, the 615 MW BL England facility will have advanced pollution controls and be one of the cleanest and most efficient combined-cycle gas plants in the country. The repowering will achieve several goals of New Jersey’s Energy Master Plan, including expanding New Jersey’s in-state electric generation, providing a solution to the retirement of the Oyster Creek Nuclear Generating Station, and, together with the gas pipeline, expanding natural gas infrastructure to southeastern New Jersey. The reuse of the existing BL England site also maximizes the use of existing resources and minimizes the environmental impact of the facility.

“We are excited to be building this state-of-the-art facility at the existing BL England site. The new plant will provide a clean and efficient long-term solution for New Jersey’s energy needs. The State of New Jersey and Upper Township have been extremely supportive of this project, and we look forward to continuing our partnership in the years to come,” said Jim Maiz, Partner of Rockland Capital.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.  For further information visit www.rocklandcapital.com.

April 2, 2013 - Beacon Power Poised for Growth One Year after Acquisition

Beacon Power Poised for Growth One Year after Acquisition

TYNGSBORO, MA - April 2, 2013 -- Beacon Power, LLC, the new company created when Rockland Capital acquired the assets of Beacon Power Corporation one year ago, has made significant progress – both technical and operational – and is well-positioned for continuing growth. The company is the world’s leading manufacturer of grid-scale flywheel energy storage systems and continues to strengthen its leadership position as a provider of clean, emissions-free frequency regulation services.

Stephentown flywheel plant delivering consistently high performance
Beacon’s industry-first 20-megawatt (MW) frequency regulation plant in Stephentown, New York, began full commercial operations in June 2011, and its performance has been exceptional – with no material technical issues since acquisition. Overall plant availability has been 97%, including 100% availability over the last four months.

Based on real-world data, the Stephentown plant’s 200 flywheels have performed more than 4,000 full charge/discharge cycles per year – which is a hallmark of Beacon’s flywheel technology. Their fast and accurate response to regulation control signals as they continuously recycle electricity has resulted in greater than 95% accuracy. This precision and fast ramp rate far surpasses that of fossil-fuel generators – the most common method of frequency regulation.

Barry Brits, Beacon’s CEO, said, “High reliability, low operating costs, and exceptionally robust cycle life that can be sustained for 20 years without degradation – these are defining characteristics that reinforce the value proposition of Beacon flywheels. They are the best resource available for correcting unpredictable, real-time supply and demand changes on electricity grids, and they have proven their durability and reliability with more than three million flywheel operating hours to date."

Restarting manufacturing, reinvesting in the future
Beacon restarted manufacturing operations at its Tyngsboro, Massachusetts, facility in December 2012, and flywheels are once again in commercial production. Also in December, the company began construction of its next 20 MW frequency regulation facility, in Hazle Township, Pennsylvania. The initial 4 MW will be operational there in September 2013, with the plant expected to reach full commercial operation by mid-2014.

Beacon’s owners, Rockland Capital, performed a rigorous investment analysis prior to moving forward with construction of the second plant. Scott Harlan, Managing Partner at Rockland Capital, said, “We are very excited to have begun work on the Hazle project, which will help improve system-wide efficiency on the PJM power grid. At 20 MW it will be one of the largest fast-response energy storage resources in that market.”

Refining the economics and developing profitable markets
Following the acquisition, Beacon focused on strengthening the economic case for owning and operating flywheel plants for frequency regulation. For several years the company has been a leading advocate of pay-for-performance tariffs in deregulated electricity markets. Those efforts led to new market rules that are expected to provide Beacon fair compensation for its regulation services, while decreasing the overall cost to consumers for the regulation services required by the market. At the same time, the company implemented an aggressive internal cost reduction program and, where necessary, invested further to realize opportunities.

Beacon CEO Brits says, “Strong economic fundamentals and providing value to our customers drives our business. We have the lowest cost-per-cycle storage technology available for frequency regulation – and cycles are important because they quantify the frequency correction provided. Grids are volatile and the goal is increased efficiency. The most useful resource is one with high cycle life that can respond continuously and repeatedly at its full output range to smooth out large amounts of variability, which is exactly what Beacon offers.”

About Beacon Power, LLC
Beacon manufactures flywheel-based energy storage solutions for grid-connected and off-grid applications. The company has the largest composite flywheel in commercial operation at 25kWh, and the largest operational grid-tied flywheel energy storage facility at 20MW. Beacon’s systems integration team works with customers to optimize the benefits of fast-responding energy storage in a wide range of applications – from large-scale grid-connected plants to smaller micro-grid, smart grid and distributed off-grid uses. Beacon’s headquarters and manufacturing facility are based in Tyngsboro, Massachusetts. For more information visit www.beaconpower.com.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.  For further information visit www.rocklandcapital.com.

April 2, 2012 - Rockland Capital Completes Acquisition of Eagle Point Power Generation

Rockland Capital Completes Acquisition of Eagle Point Power Generation

HOUSTON, TX - April 2, 2012 -- Rockland Capital, LLC (“Rockland”) announced today that it has completed its acquisition of the Eagle Point Power Generation facility (“Eagle Point”) located in Westville, New Jersey. Simultaneous with the closing, Noble Americas Gas & Power Corp. (“Noble”) entered into an agreement to acquire a minority stake in Eagle Point. Noble will provide energy management services to the project. 

Eagle Point, a 225 megawatt combined cycle natural gas facility, began operation in 1991 and is located across the Delaware River from Philadelphia. The plant sells energy and capacity into the PJM market.

Rockland acquired Eagle Point from Sunoco, Inc., who had previously used the facility to provide steam to its adjacent Eagle Point refinery before it was shut down in 2009. The facility has since operated primarily in combined cycle mode. Harris Williams & Co. acted as the exclusive financial advisor to Sunoco on the transaction.

“Eagle Point is an option-rich investment with multiple avenues for value creation that are underwritten by the strong market fundamentals of eastern PJM. Eagle Point will greatly benefit from Rockland's asset management experience and Noble's expertise in the gas and power markets,” said Jim Maiz, Partner of Rockland Capital.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

About Noble Group
Noble Americas Gas & Power Corp. is a subsidiary of Noble Group, a Fortune 500 company, that manages the global supply chain of agricultural and energy products, metals and minerals. Noble operates from over 140 locations, employing more than 70 nationalities, managing a diversified portfolio of essential raw materials, integrating the sourcing, marketing, processing, financing and transportation of those materials.

March 7, 2012 - Rockland Capital Completes Acquisition of Beacon Power

Rockland Capital Completes Acquisition of Beacon Power

TYNGSBORO, MA - March 7, 2012 -- Rockland Capital, LLC (“Rockland”), a leading private equity firm focused on energy-related investments, has completed its acquisition of Beacon Power Corporation's 20-megawatt flywheel energy storage plant in Stephentown, New York, and most of the other assets of the Company.  Beacon had previously filed for Chapter 11 bankruptcy on October 30, 2011, and Rockland entered into an agreement to purchase the Company’s assets on February 6, 2011. 

Under the terms of the agreement, Rockland purchased substantially all of the Company’s assets for a combination of cash and a promissory note to the U.S. Department of Energy totaling $30.5 million.  The acquired assets and agreements have been placed into two new private companies named Beacon Power, LLC and Spindle Grid Regulation, LLC, both wholly owned by Rockland Power Partners, LP, a $333 million fund managed by Rockland. 

In conjunction with the transaction, Rockland’s new company has rehired a majority of the former employees.  Rockland also intends to provide the necessary equity capital to develop a second 20 MW flywheel regulation plant in Pennsylvania in concert with a $24.1 million grant from DOE and a $5.0 million grant from the Commonwealth of Pennsylvania.

Scott Harlan, Managing Partner for Rockland Capital, said, "We are excited to work with the Beacon team to continue developing, constructing, and operating fast-response energy storage technology.  Beacon’s facilities will help maintain the integrity and stability of the electric grid, while enabling increased renewable resource deployment.  The implementation of pay-for-performance pricing for frequency regulation resources later this year will reward the Company for providing these services and provide a foundation for continued growth.”

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

February 6, 2012 - Beacon Power Assets to Be Sold to Rockland Capital

Beacon Power Assets to Be Sold to Rockland Capital

Leading Energy Investment Firm to Acquire Stephentown Flywheel Plant and Other Assets; Intends to Continue Beacon Operations and Build Second 20 MW Plant

TYNGSBORO, MA - February 6, 2012 -- Rockland Capital, LLC ("Rockland") a leading private equity firm focused on energy-related investments, will acquire Beacon Power Corporation's 20-megawatt flywheel energy storage plant in Stephentown, New York, and most of the other assets of the Company, based on its offer made February 3, 2012, in accordance with the process negotiated with the Loan Program Office of the U.S. Department of Energy (DOE). Rockland Capital was the successful acquirer among several leading energy and technology firms that vied for the opportunity following Beacon's Chapter 11 bankruptcy filing on October 30, 2011.

Under terms of the agreement and subject to court approval on February 7, 2012, Rockland will purchase substantially all assets of Beacon Power and its Stephentown subsidiary, for a combination of cash and a promissory note totaling $30.5 million, along with additional guarantees and funding obligations to DOE of $6.6 million. Rockland's purchase includes all assets of the Company's 20 MW flywheel regulation plant in Stephentown; all assets in Beacon's Tyngsboro headquarters including the intellectual property, inventory, spare parts, and equipment; assumption of an amended property lease in Tyngsboro to enable continuing operations; and many of the contracts associated with operation of the business.

The acquired assets and agreements will be placed into a new private company named Beacon Power LLC, wholly owned by Rockland, which will rehire a majority of the current Beacon staff into the new company. Rockland also intends to provide the necessary equity capital to develop a second 20 MW flywheel regulation plant in Pennsylvania. In addition to approval by the bankruptcy court, the Federal Energy Regulatory Commission must approve the sale of the Stephentown assets.

Scott Harlan, Managing Partner for Rockland Capital, said, "We were attracted to Beacon Power because of its effective fast-response, grid-connected energy storage technology and its successful experience applying this technology as a frequency regulation resource in Stephentown. With the implementation later this year of FERC-mandated pay-for-performance compensation for balancing services provided to the grid, both the Stephentown plant and the one we plan to build in Pennsylvania will realize much improved revenue. We're pleased to make it possible for this company and its talented team to continue to innovate and grow, and to provide a runway to facilitate a path to commercial success."

Bill Capp, Beacon President and CEO, commented, "Rockland Capital is a well-capitalized company that has an excellent track record of successfully identifying undervalued electric power generating assets and applying its knowledge of the business and the capital necessary to develop the full potential of those assets. They recognized early on that Beacon was one such opportunity and our relationship has been positive and productive throughout their evaluation process. We're grateful for their commitment to support Beacon and we look forward to working together and achieving our commercial objectives."

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

February 3, 2012 - Rockland Affiliate to Acquire Eagle Point Power Generation from Sunoco

Rockland Affiliate to Acquire Eagle Point Power Generation from Sunoco

HOUSTON, TX - February 3, 2012 -- Rockland Capital, LLC ("Rockland") announced today that an affiliate company is acquiring the Eagle Point power generation facility ("Eagle Point") from Sunoco, Inc. Financial terms of the transaction were not disclosed.

Eagle Point, a nameplate 225 MW natural gas-fired power facility located in Westville, New Jersey, began commercial operation in 1991 as a cogeneration facility providing steam to the adjacent Eagle Point refinery. The plant has operated principally in a combined cycle mode since October 2009 when the refinery ceased operations, and currently sells capacity and energy into the PJM market.

"Eagle Point presents an opportunity for Rockland to implement an ambitious commercial agenda at a clean, natural gas-fired facility located in the highly favorable EMAAC region of PJM," said Jim Maiz, Partner of Rockland Capital. "Rockland's expertise in realizing operational improvements and navigating energy markets will allow us to unlock the full value of the asset."

Eagle Point is an investment of Rockland Power Partners, the private equity fund currently being invested by Rockland.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

January 26, 2012 - RC Cape May Announces Sale of Solar Development

RC Cape May Announces Sale of Solar Development

HOUSTON, TX - January 26, 2012 -- Rockland Capital, LLC (“Rockland”) announced today that its affiliate, RC Cape May Holdings, LLC (“RC Cape May”), has reached an agreement to sell the solar development at its BL England facility and execute a long-term lease with Greentech Global Energy (“GTG Energy”).

GTG Energy will construct the approximately four megawatt photovoltaic solar generating facility, as well as a community park, on the abandoned golf course adjacent to the 447 megawatt BL England Generating Station in Beesley’s Point, New Jersey. Construction is expected to start in mid-2012.

The park will be located adjacent to the solar facility and will feature a display with a tutorial on solar power, walking paths, park benches and other civic amenities.

“Rockland is excited to take part in the first step towards transforming the energy footprint in Southern New Jersey and looks forward to playing an active role in the coming years with further changes at the BL England site,” said Scott Harlan, Managing Partner of Rockland Capital.

Energy Asset Advisors, LLC advised RC Cape May on the sale. Financial terms of the transaction were not disclosed.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

About Greentech Global Energy
Greentech Global Energy, a renewable energy power company, provides finance and development services for the renewables industry. Based in Miami, Florida, GTG Energy is developing strategic partners in the Americas for utility-scale solar development and other energy efficiency projects. GTG Energy goal is to develop a trans-regional strategic set of market entry points, relationships and distribution outlets to speed the deployment of its products into the market. For more information about GTG Energy visit www.gtgenergy.com.



August 26, 2011 - La Paloma Refi Closes with Novel Hedge

La Paloma Refi Closes with Novel Hedge

Posted with permission from SparkSpread

August 26, 2011, by Victor Kremer

Bank of America Merrill Lynch and Macquarie Capital yesterday closed a refinancing of the 1,022 MW La Paloma power plant in California, in a deal that includes a first-of-its-kind sparkspread hedge.

SunTrust Robinson Humphrey acted as co-manager on the deal on behalf of owners EIG Global Energy Partners (formerly TCW Energy & Infrastructure Group) and Rockland Capital.

The credit facilities consist of a $302 million first-lien with a tenor of six years; a $15 million revolver; and a $110 million second-lien with a tenor of seven years, as first reported by SparkSpread on July 25.

The first-lien tranche is priced at LIBOR plus 550 basis points and the second-lien is priced at LIBOR plus 875 basis points.

Both tranches have a 1.5% LIBOR floor and an original issue discount of 95.

The transaction includes heat-rate call options in 2013, 2014 and 2015 executed with EDF Trading on two units at the La Paloma plant; and sparkspread put swaptions on two units in 2014 and 2015 executed with BAML.

The sparkspread put swaption, believed to be the first of its kind, is designed to provide the La Paloma plant with a floor against a backdrop of uncertain future carbon prices in California, according to an industry source.

The new hedging arrangements complement existing physical tolling agreements on three units of the plant with Morgan Stanley.

Morgan Stanley also has an option to extend the toll on one unit through 2017.

As part of the deal, EIG Global Energy Partners and Rockland Capital are putting some $67 million in additional equity and $20 million in contingent equity into La Paloma.

A lender group led by TCW in 2009 foreclosed on a loan to La Paloma's prior owner, Complete Energy Holdings (CEH), resulting in the transfer of CEH's equity interest in the plant to TCW and a unit of Morgan Stanley.

June 9, 2011 - Rockland Capital Announces Investment in Gregory Power Partners

Rockland Capital Announces Investment in Gregory Power Partners

HOUSTON, TX - June 9, 2011 -- Rockland Capital, LLC ("Rockland") announced today that its affiliate, RC Delta Holdings, LLC is acquiring a managing interest in Gregory Power Partners ("Gregory"), a natural gas-fired power facility located in Gregory, Texas.

Rockland is acquiring the project from an affiliate of Arroyo Energy Investors LLC. Financial terms of the transaction were not disclosed.

Gregory, a 400 megawatt cogeneration facility, began commercial operation in 2000 and is located approximately 10 miles from Corpus Christi. It is one of the most efficient natural gas-fired plants in Texas, largely due to its cogeneration configuration with the adjacent Sherwin Alumina facility.

"Rockland feels that Gregory's competitive operating profile positions it to benefit from the growth expected in the ERCOT market over the next few years," said Scott Harlan, Managing Partner of Rockland Capital.

"Gregory represents a great opportunity for Rockland. The investment is consistent with our continuing strategy of creating value for investors through the active management and optimization of power generation assets."

Gregory is the third investment of Rockland Power Partners, the private equity fund currently being invested by Rockland.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

January 6, 2011 - Rockland Capital Closes Rockland Power Partners at $333.1 Million

Rockland Capital Closes Rockland Power Partners at $333.1 Million

HOUSTON, TX - January 6, 2011 -- Rockland Capital, LLC (“Rockland”), a private equity firm focused on the acquisition and optimization of companies in the North American power sector, today announced that it has successfully closed the firm’s debut institutional fund, Rockland Power Partners, LP (“RPP”), with $333.1 million in commitments in December 2010.

The fund attracted commitments from a broad base of institutional investors, including U.S. endowments and foundations, funds of funds, pension plans and family offices.
“We are very pleased with the response from the investor community for the fund despite a challenging environment,” said Scott Harlan, Managing Partner of Rockland Capital. “The two most significant things that allowed us to raise capital in this market were the experienced team and the firm’s business plan. Our strategy of focusing on projects requiring some form of operational, contractual, and/or financial restructuring was appealing to investors given the current economic climate.”

RPP has already completed its first investment by purchasing a managing interest in La Paloma, a 1,022MW natural gas powered plant near Bakersfield, CA.

Berchwood Partners acted as global placement agent and Bingham McCutchen served as legal advisor for the fund.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.



November 8, 2010 - Rockland Capital Announces Hiring of Terry Everett As CFO

Rockland Capital Announces Hiring of Terry Everett As Chief Financial Officer

HOUSTON, TX - November 8, 2010 -- Rockland Capital, LLC (“Rockland”) announced today that Terry E. Everett has joined the Rockland team as Chief Financial Officer.  She will be responsible for the financial management and administration of Rockland, its funds and portfolio companies.  Ms. Everett will also serve as the firm’s Chief Compliance Officer.

Ms. Everett has worked in the private equity industry since 2003 overseeing the financial management, operations, and investor reporting numerous global private equity fund entities.  Her experience includes three years at Perseus, L.L.C. and over four years at The Carlyle Group.  Prior to joining Carlyle, Ms. Everett spent several years in the Corporate Financial Reporting department for Salt River Project (“SRP”), the nation’s third largest public power utility. While at SRP, Ms. Everett was involved in the preparation of the company’s audited financial statements, business-unit management financial reporting, and activity-based cost accounting. Ms. Everett was also previously a Senior Analyst with Arthur Andersen, LLP and holds a BS from the University of North Carolina and an MS in Finance from Golden Gate University in San Francisco, California.

“We’re very pleased to have Terry on the team,” said Scott Harlan, Rockland’s Managing Partner.  “She brings invaluable experience in managing the financial, operational and administrative aspects of a private equity management company and will help deliver the results our investors expect.”

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

April 30, 2010 - Rockland Capital Announces Investment in La Paloma

HOUSTON, TX - April 30, 2010 -- Rockland Capital, LLC (“Rockland”) announced today that its affiliate, RC La Paloma Holdings, LLC, is acquiring an interest in the La Paloma Generating Plant (“La Paloma”), a natural gas-fired power facility located in McKittrick, California. At the same time, Rockland entered into an agreement to oversee management of the facility. NAES Corporation will serve as plant operator.

La Paloma, a 1,022 megawatt combined cycle facility, began commercial operation in 2003 and is located approximately 110 miles northwest of Los Angeles. Its four units employ Alstom’s GT-24 technology, making the plant one of the most efficient in southern California.

The transaction comes immediately following the negotiated foreclosure of Complete Energy Holdings’ majority interest in La Paloma by a lender group led by Trust Company of the West (“TCW”).

“Rockland’s experience in California and our expertise in optimizing power assets make us an ideal fit to own and manage this facility,” said Scott Harlan, Managing Partner of Rockland Capital.

“We look forward to working with TCW and the other owners to enhance the value of La Paloma.”

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

January 29, 2010 - RC Cape May Receives Interconnection Study From PJM

Houston, TX - January 29, 2010 -- Rockland Capital, LLC (“Rockland”) announced today that its affiliate, RC Cape May Holdings, LLC (“Cape May”), was issued a generation interconnection study from PJM for a solar development at its BL England facility.

Cape May is developing a 4 megawatt photovoltaic solar generating facility adjacent to the 447 megawatt BL England Generation Station, located in Beesley’s Point, New Jersey. The project is being developed in response to New Jersey’s aggressive renewable energy program. Once the project reaches commercial operations, it will be eligible to sell Solar Renewable Energy Credits in the state.

The solar facility will be one of the largest of its kind in the state, utilizing 21 acres of the 442 acre site. The project has completed preliminary engineering and received zoning and plan approval from the local township. Rockland expects to complete the permitting of the solar project by June 2010 and to begin construction of the facility in late 2010.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.



December 30, 2009 - Tradewinds Closes Merger with GMO Renewable Resources

Tradewinds Closes Merger with GMO Renewable Resources

Houston, TX - December 30, 2009 -- Rockland Capital, LLC (“Rockland”) announced the merger of Tradewinds Forest Products, LLC (“Tradewinds”) with LHF Lopiwa, LLC (“Lopiwa”) an affiliate of GMO Renewable Resources, LLC (“GMO”). Tradewinds is developing a veneer mill and cogeneration facility on the Island of Hawaii. Through Lopiwa, GMO controls the Hamakua Timber Plantation, a 13,000 acre eucalyptus plantation located on the Island of Hawaii. Financial terms of the merger were not disclosed.

“We are very excited about the possibilities created by this merger. The combination of GMO’s Hamakua plantation with Tradewinds veneer mill and cogeneration development enables the financing of mill and creates a strong platform from which the Hawaiian forestry industry can thrive,” stated Scott Harlan, Managing Partner at Rockland.

Along with the Hamakua Timber Plantation acquired in the merger, Tradewinds has secured a thirty acre industrial site in O’okala, Hawaii on the Hamakua coast, a timber cutting rights contract with the Hawaii Department of Land and Natural Resources, an air permit for the cogeneration facility, a power purchase agreement with Hawaiian Electric Light Company and an agreement for the sales of eucalyptus veneer from the mill. Tradewinds plans to commence construction in 2010 and start producing veneer in late 2011.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

March 18, 2009 - Rockland Capital Announces Sale of Midland Cogeneration Venture

Rockland Capital Announces Sale of Midland Cogeneration Venture

HOUSTON, TX - March 18, 2009 -- Rockland Capital, LLC (“Rockland”) announced today the sale of Midland Cogeneration Venture (“MCV”) to EQT Infrastructure Fund and Fortistar.  Closing is expected within 60 days, subject to regulatory approvals.  MCV is a 1,500 MW natural gas-fired cogeneration facility located in Midland, Michigan.

Financial terms were not disclosed. 

Rockland partnered with GSO Capital Partners (“GSO”) in 2006 to acquire a majority interest in MCV along with a significant stake in the facility’s lease.  Under ownership of Rockland and GSO, MCV restructured the lease and power purchase agreement, overhauled its commodity hedging program and installed auxiliary steam boilers to enhance operating flexibility.

“When Rockland and GSO purchased interests in MCV, the power purchase agreement was fundamentally flawed and its means of supplying steam was highly inefficient,” said Dave Yeager, Partner at Rockland Capital.  “Prior to fixing these problems, MCV had to restructure a complex and restrictive facility lease.  MCV provides an excellent example of Rockland’s ability to work out inefficiencies and unlock substantial value for investors. 

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.



June 10, 2008 - Michigan Public Service Commission Approves Settlement Agreement...

Michigan Public Service Commission Approves Settlement Agreement
Between Midland Cogeneration Venture and Consumers Energy

MIDLAND, MI - June 10, 2008 -- today Rockland Capital Energy Investments (“Rockland”) announced that the Michigan Public Service Commission (“MPSC”) approved a settlement agreement in Case No. U-15320 relating to the Midland Cogeneration Venture (“MCV”). Case No. U-15320 was initiated by a petition filed by the MCV to eliminate availability caps applicable to its Power Purchase Agreement (“PPA”) with Consumers Energy Company (“Consumers”).

MCV leases and operates a gas-fired, combined-cycle cogeneration facility in Midland, Michigan. The plant is capable of producing approximately 1,500 megawatts of electricity and up to 1.35 million pounds per hour of process steam for industrial use. Rockland and its partners, including GSO Capital, own 92.5% of the MCV partnership.

Under the terms of the settlement, the PPA originally dated July 17, 1986 will be amended and restated in its entirety. The restated PPA will take effect later this year and run through March 15, 2025. The restated PPA provides the terms under which Consumers will purchase 1,240 megawatts of capacity and associated energy from the MCV Facility during that time period.

“The restructuring of the MCV PPA is a further demonstration of Rockland’s strategy of removing economic inefficiencies and enhancing the long-term viability of power projects. The restated PPA will provide significant benefit to Consumers Energy and its customers by allowing MCV to continue to provide reliable and competitively priced electric power and much needed capacity to the Michigan market,” said Dave Yeager, Managing Director of Rockland Capital.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

July 27, 2007 - HELCO Signs Agreement to Purchase Renewable Energy From Tradewinds

HELCO Signs Agreement to Purchase Renewable Energy From Tradewinds

HILO, HI - July 26, 2007 -- Hawaii Electric Light Company (HELCO) today announced it has signed an agreement to purchase renewable energy produced by a biomass-powered generation facility under development by Tradewinds Forest Products LLC and Rockland Capital Energy Investments.

“This is a great addition to our renewable energy portfolio,” said Warren Lee, HELCO president. “Renewable energy on the Big Island will now exceed 35 percent.”

The cogeneration facility will be part of a veneer mill Tradewinds plans to build in O’okala on the site of the now-defunct O’okala Sugar Mill. Scrap wood from the veneer operation will be used to power Tradewinds’ generating unit.

“This project offers us the opportunity to add more reliable, renewable energy, reducing both greenhouse gas emissions and our dependence on fossil fuels,” said T. Michael May, Hawaiian Electric president and chief executive officer.

Tradewinds President Don Bryan said the project will provide sustainable production of both forest products and energy. “Our biomass-based energy source will utilize the portions of wood not suitable for veneer, providing a highly efficient source of power generation from which there is very little waste of material or energy,” Bryan said.

Under the terms of the power purchase agreement, which requires approval by the Hawaii Public Utilities Commission, HELCO will purchase between 2MW and 3.6MW of electricity from Tradewinds on a scheduled basis. The project will also generate additional electricity to power the veneer operation. That energy could be made available to HELCO if needed to cover a generation shortfall.

Tradewinds designed the project to utilize 15,000 of the nearly 40,000 acres of existing eucalyptus plantations on the island in a sustainable fashion. Harvested timber will be replanted and forests managed to optimize growth and conserve soil resources. The project will be a net consumer of carbon dioxide, reducing the amount of greenhouse gases released into the atmosphere. As veneer is produced, carbon consumed by the trees will be trapped in the mill’s finished products.

An estimated 35% of the power HELCO sells currently comes from renewable energy sources such as wind, solar, hydro and geothermal. HELCO and Hawaiian Electric are committed to developing additional renewable energy sources statewide.

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

February 8, 2007 - Rockland Capital Completes Purchase of B.L. England Power Station

Rockland Capital Completes Purchase of B.L. England Power Station

HOUSTON, TX - February 8, 2007 -- Rockland Capital Energy Investments, LLC ("Rockland") announced today that its affiliate, RC Cape May Holdings, LLC, has completed the purchase of the B. L. England Power Station from Atlantic City Electric Co., a subsidiary of Pepco Holdings, Inc. (NYSE: POM).

B.L. England is located in Beesley's Point, Upper Township, Cape May County. The plant provides approximately 450 megawatts of generating capacity from three generating units. Two units burn coal and the third unit burns oil.

Rockland plans to invest additional capital on pollution control technologies that will significantly reduce the station's SO2, NOx and mercury emissions.

"Reducing B. L. England's emissions to levels set by the New Jersey authorities will allow Rockland to keep the station running well into the future, providing local jobs, support to the tax base and greater energy security to southern New Jersey," said Scott Harlan, Managing Director of Rockland.

"B. L. England represents a great opportunity for Rockland. The investment is consistent with our continuing strategy of creating value for investors through the active management and optimization of power generation assets."

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

December 14, 2006 - Rockland Capital Announces Sale of Prime Energy Facility

Rockland Capital Announces Sale of Prime Energy Facility

HOUSTON, TX - December 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."

About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.

November 29, 2006 - Midland Cogeneration Venture Management Change

Midland Cogeneration Venture Management Change

MIDLAND, MI - November 29, 2006 /PRNewswire/ -- The Management Committee of Midland Cogeneration Venture (MCV) announced today that Mr. Joseph L. Roberts, Jr. is leaving as the Partnership's President and Chief Executive Officer. Mr. Rodney E. Boulanger will join MCV as its new President and Chief Executive Officer effective December 1, 2006. Mr. Roberts will stay with the Partnership through year-end to assist Mr. Boulanger in his transition.

Dwight Scott, Managing Director of GSO Capital, said, "The MCV Management Committee joins me in thanking Joe for his commitment and leadership at MCV. His valuable contributions have helped guide the Partnership through a successful sale process."

Mr. Scott added further, "The Management Committee of MCV is excited to reunite Mr. Boulanger with the Partnership that he led successfully in its infancy. Mr. Boulanger created the organization that currently operates the MCV and is well-positioned to manage the MCV in the current environment."
David Yeager, Managing Director of Rockland Capital Energy Investments, stated, "We are confident that his leadership ability and wealth of experience will help maintain the MCV as a competitive and reliable energy supplier to the Michigan marketplace."

Mr. Boulanger was President and CEO of CMS Energy's independent power unit, CMS Generation, from 1995, until his retirement in 2002. Before that, he was President and CEO of the MCV Partnership from 1988 through 1994, leading the MCV from construction through the successful start-up of the MCV facility. Prior to joining MCV, he was the President and Chief Executive Officer of ANG Coal Gasification Company. Mr. Boulanger earned a master's degree in accounting from the University of Detroit and Bachelor of Science degree in accounting from Ferris State University.

MCV leases and operates a gas-fired, combined-cycle cogeneration facility in Midland, Michigan. The plant is capable of producing approximately 1,500 megawatts of electricity and up to 1.35 million pounds per hour of process steam for industrial use. MCV's partners include MCV Investors, Inc., ultimate parent of the partnership interests held by GSO Capital Partners and Rockland Capital Energy Investments, and The Dow Chemical Company.

SOURCE: Midland Cogeneration Venture

November 21, 2006 - Consumers Energy Closes Sale of MCV Interests

Consumers Energy Closes Sale of Midland Cogeneration Venture Interests

JACKSON, MI - November 21, 2006 /PRNewswire-FirstCall/ -- Consumers Energy, the principal subsidiary of CMS Energy, closed today the sale of its interests in the 1,500-megawatt Midland Cogeneration Venture to funds managed by GSO Capital Partners and Rockland Capital Energy Investments for $60.5 million.
Net proceeds from the sale will be used to reduce debt at the utility.

Consumers Energy owned 49 percent of the MCV Partnership, which leases and operates the facility near Midland, Michigan. Consumers Energy also indirectly owned 35 percent of the facility and along with the other owners leased the facility to the MCV Partnership. GSO and Rockland purchased all of Consumers Energy's interests.

Consumers Energy is the main customer for the MCV's electricity output. The utility's contract to purchase power from the plant and the associated customer rates aren't affected by the sale.
The natural gas-fired MCV facility can produce up to 1,500 megawatts of power and up to 1.35 million pounds of industrial steam per hour. It began commercial operation in 1990.

Sustained high natural gas prices led the MCV Partnership to reevaluate the economics of the facility last year, and also led Consumers Energy to examine several long-term alternatives for its MCV interests.

Consumers Energy, the principal subsidiary of CMS Energy (NYSE: CMS - News), provides natural gas and electricity to nearly 6.5 million of Michigan's 10 million residents in all 68 Lower Peninsula counties.
For more information about Consumers Energy, visit our Website at http://www.consumersenergy.com

Source: Consumers Energy

August 17, 2006 - Rockland Capital Purchases BL England Power Station

Rockland Capital Purchases BL England Power Station

HOUSTON, TX - August 17, 2006 -- Rockland Capital Energy Investments, LLC and Pepco Holdings, Inc. (NYSE: POM) Rockland today announced they have reached an agreement under which RC Cape May Holdings, LLC, an affiliate of Rockland, will purchase from Atlantic City Electric Company, an affiliate of Pepco Holdings, the B.L. England Generating Station for $12.2 million. RC Cape May Holdings, LLC will assume certain liabilities associated with the B.L. England Generating Station, including substantially all environmental liabilities.

The purchase price is subject to adjustment based on, among other things, variances in the value of fuel and material inventories at the closing, certain capital expenditures, plant operating capacity, the value of certain benefits for transferred employees and the actual closing date.

B.L. England Generating Station, located in Beesleys Point, Upper Township, Cape May County, provides approximately 450 megawatts of generating capacity from three generating units. Two units burn coal and the third unit burns oil.

While Atlantic City Electric had previously considered shutting the project down, Rockland intends to continue the operation of the facility and plans on making significant investments in the plant to improve overall environmental performance. "We believe that as long as it is operated in an environmentally responsible way, Rockland purchase of BL England will enable the project to continue to be an important source of local power generation and employment," said Scott Harlan, Managing Director of Rockland.

The sale is subject to approval by the New Jersey Board of Public Utilities, New Jersey Department of Environmental Protection and U.S. Federal Energy Regulatory Commission, as well as certain other legal conditions. The sale is expected to be completed during the first quarter of 2007.

August 2, 2006 - Rockland Capital Energy Investments and GSO Capital Partners Acquire...

Rockland Capital Energy Investments and GSO Capital Partners Acquire MCV Interests
from El Paso Corp

HOUSTON, TX - August 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.

October 12, 2005 - Rockland Capital Restructures Prime Energy

Rockland Capital Restructures Prime Energy

HOUSTON, TX - October 12, 2005 -- Rockland Capital Energy Investments, LLC (Rockland) announced today that it restructured the power purchase agreement between Prime Energy Limited Partnership "Prime" and Jersey Central Power & Light "JCP&L", and subsequently acquired the other 50% interest in Prime from its former partner, The Goldman Sachs Group, Inc "Goldman".

The structure of the transaction included the termination of the existing power purchase agreement, which gave rise to the effectiveness of a new agreement amongst affiliates of the parties. The transaction transformed the power generation facility into a merchant generator located in the PSE&G Zone of the PJM market.

"The restructuring of the Prime power purchase agreement is consistent with our business philosophy to continually evaluate our assets in light of market conditions and to maximize the value of our investments through creative solutions," said Scott Harlan, Chief Operating Officer and Managing Director of Rockland. "During the first eighteen months of our ownership, we made numerous changes to the contractual structure of the project to improve profitability. The complete restructuring of the power purchase agreement was a natural and necessary culmination of those efforts, in light of the historically high fuel prices which the project was facing."

Immediately following the restructuring of the power purchase agreement in September, Rockland and Goldman entered into a purchase and sale agreement for Goldman's 50% interest, and that transaction recently closed.

"Prime now faces new challenges in this competitive, deregulated market, but with full control of the asset, Rockland will be in the best position to maximize its value," said Harlan.

June 29, 2005 - Rockland Capital Sells Interests in Ripon Cogeneration

Rockland Capital Sells Interests in Ripon Cogeneration

HOUSTON, TX - June 29, 2005 -- Rockland Capital Energy Investments, LLC "Rockland" announced today that it, along with its partners, Lightyear Capital and D. Milne Associates, has sold its interests in Ripon Cogeneration, LLC to Countryside Power Income Fund (TSX:COU.UN).

Ripon Cogeneration, LLC owns and operates the 51 MW Ripon cogeneration facility located 70 miles south of Sacramento, California, and the 44 MW San Gabriel cogeneration facility, located in Pomona, California. Both facilities are fueled with natural gas and hold long-term agreements to serve regulated utilities in their respective service areas. The transaction was structured as a sale of 100% of the interests of Ripon Cogeneration's holding company, Lightyear Rockland Partners, LLC.

Rockland continues to own and operate Prime Energy, LP, a New Jersey cogeneration project, and remains active in project acquisition, management, restructuring and development for the U.S. and international power markets.

"The divestiture of the Ripon projects is consistent with our business philosophy to continually evaluate our assets in light of market opportunities," said Scott Harlan, Chief Operating Officer and Managing Director of Rockland. "In our short period of ownership we were able to create value from both an operational and contractual standpoint. In addition, Rockland benefited from its willingness to invest in the California market prior to its full recovery."

March 24, 2005 - Ripon Cogeneration LLC Successfully Completes Refinancing of Project Debt

Ripon Cogeneration LLC Successfully Completes Refinancing of Project Debt

HOUSTON, TX - March 24, 2005 -- Ripon Cogeneration LLC ("Ripon") announced today the successful closing of a $69.5 million bank facility lead by Union Bank of California. The project finance facility, which includes a combination of debt and letters of credit, will mature in 2018 with pricing based on LIBOR plus a margin. The facility replaces a term loan B financing put in place in early 2004.

"The opportunity was too great for us to pass up," said Scott Harlan, Chief Financial Officer of Ripon. "The aggressiveness of the bank market enabled us to realize a substantial savings while at the same time extending the life of the debt by several years."

The financing is secured by the assets of Ripon which include two power projects, Ripon Cogeneration and San Gabriel Cogeneration, both located in California. The projects sell power under long term contracts to PG&E and Southern California Edison, respectively.

April 14, 2004 - Rockland Capital Acquires Interests in Teesside Power Financing Limited ...

Rockland Capital Acquires Interests in Teesside Power Financing Limited Bonds

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.

January 27, 2004 - Rockland Capital Acquires Interests in Prime Energy LP

Rockland Capital Acquires Interests in Prime Energy LP

HOUSTON, TX - January 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.

January 27, 2004 - Lightyear Capital Joins Forces With Rockland Capital Energy

Lightyear Capital Joins Forces With Rockland Capital Energy Investments To Acquire California-Based Electric Generating Facilities

HOUSTON, TX - January 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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