Rockland Capital Announces Sale of Renewable Portfolio
HOUSTON, TX – July 27, 2015 — Rockland Capital, LLC (“Rockland”) announced today that it has signed an agreement to sell 71 megawatts (MW) of renewable generation assets to TransAlta Corporation (“TransAlta”) (TSX: TA; NYSE: TAC) for a purchase price of US$ 75.8 million plus the assumption of US$ 41.8 million of existing non-recourse project debt. The assets acquired include Rockland’s 21 MW of solar projects located in Massachusetts and its 50 MW wind facility located in Minnesota.
Rockland managed and funded the construction of these solar and wind facilities which achieved commercial operations between March 2014 and April 2015.
“Rockland purchased the projects from developers who had control of the needed land, had completed permitting activities and had secured long-term power purchase agreements,” said Scott Harlan, Managing Partner of Rockland Capital. “We then acquired the wind turbines and solar panels, contracted for the installation and financed the projects with tax equity and construction/term debt. This is an example of how Rockland works with experienced developers to complete the last stages of development and funds construction activities.”
The sale is subject to customary regulatory approvals and is expected to close by the end of September 2015.
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 is headquartered in Houston. For further information visit www.rocklandcapital.com.