Rockland Capital Announces Private Placement on Newly Formed Gridflex Generation Portfolio
HOUSTON, TX – January 22, 2020 – Rockland Capital, LP (“Rockland”) announced today that it has closed on an investment grade debt private placement on its newly formed Gridflex Generation portfolio. The 1.5 GW portfolio consists of three natural gas peaking facilities: Lee, Tait and Montpelier, each located throughout the Midwest in the PJM interconnection. All three sell electricity, capacity and ancillary services into PJM’s wholesale markets on a merchant basis.
Proceeds from the financing were used to refinance existing term loans.
“The private placement capitalizes on the competitive interest rate environment in the debt capital markets and provides long-term security against interest rate and refinancing risk,” said Jim Maiz, Partner at Rockland. “We believe the long-term nature of the private placement is indicative of the market’s recognition of the power grid’s increasing reliance on peaking assets as the growth of intermittent renewable resources continues.”
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 and European power sector. The firm manages Rockland Power Partners, Rockland Power Partners II and Rockland Power Partners III and is headquartered in Houston, Texas.