Rockland Capital Announces Acquisition of the Kimura Peaker Portfolio
HOUSTON, TX – March 27, 2018 – Rockland Capital, LLC (“Rockland”) announced today that one of its funds has acquired 100% of the interests in Kimura Peaker Portfolio (the “Portfolio”) from AES Ohio Generation, LLC.
The Portfolio is 973 MW (summer rating) and comprised of natural gas and oil-fired peaking facilities located in Ohio and Indiana. The Portfolio is dominated by two dual-fuel plants, Tait and Montpelier, which comprise 822 MW of the Portfolio’s 973 MW. The Portfolio includes four other peaking plants between 12 MW and 100 MW each. Each facility sells electricity, capacity and ancillary services into PJM’s RTO zone on a merchant basis. The Portfolio benefits from PJM’s forward capacity market, through which it has sold capacity through May 31, 2021.
“The Kimura Portfolio compliments Rockland’s other recent acquisitions, creating scale and diversification across several PJM load zones” said Scott Harlan, Managing Partner of Rockland Capital. “We believe we are well-suited to realize substantial operating efficiencies across the Portfolio and to capitalize on an attractive entry price for dual-fuel peaking assets that are fully compliant with the needs of PJM’s Capacity Performance regime.”
In conjunction with the acquisition, Rockland closed on a financing comprised of a term loan and revolving credit facility in the Term Loan A market. The high quality of the Portfolio enabled the successful execution of the financing at attractive terms.
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, Rockland Power Partners II and Rockland Power Partners III and is located in Houston, Texas.