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 (“Prime Energy”), 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 Energy 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.