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.