Rockland Capital Announces Acquisition of Nevada Cogeneration Associates #2 and Pasco Power
HOUSTON, TX – September 13, 2016 – Rockland Capital, LLC (“Rockland”) announced today that one of its funds has entered into agreements to acquire 100% of the interests in a combined cycle cogeneration facility located in Clark County, Nevada (“NCA2”) and a dual-fuel combined cycle facility located in Pasco County, Florida (“Pasco”) from affiliates of Quantum Utility Generation, LLC.
NCA2 is a fully contracted, 85 MW natural gas-fired Qualifying Facility that sells 100% of its electric output to Nevada Power under the terms of a long-term Power Purchase Agreement. Additionally, the project supplies hot exhaust gas and chilled water to Pacific Coast Building Products’ gypsum facility under the terms of an Energy Purchase Agreement.
Pasco is a fully contracted, 121 MW dual-fuel combined cycle plant that sells 100% of its electric output to TECO under the terms of a Tolling Agreement.
“Both projects offer interesting options for value creation,” said Jim Maiz, a Partner at Rockland. “For example, the long-term PPA held by NCA2 presents a unique opportunity to unleash value under a variety of transaction structures which the Rockland principles have employed in similar settings.”
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 Power Partners II and is located in Houston, Texas.