Rockland Capital Announces Sale of Prime Energy Facility
HOUSTON, TX – December 14, 2006 — Rockland Capital Energy Investments, LLC (“Rockland”) announced today that its affiliate, Rockland Prime Holdings, LLC (“Rockland Prime”), has completed the sale of the Prime Energy Cogeneration Facility to Renewable Power & Light, a Calgary, Alberta based independent power producer recently listed on London’s Alternative Investment Market.
Terms of the transaction were not disclosed.
The Prime Energy Cogeneration Facility is a 65 megawatt electric generating plant located in Elmwood Park, NJ. Rockland Prime acquired its initial 50% interest in the Prime Energy Limited Partnership from Aquila Corp (NYSE: ILA) in January of 2004. At the time, the facility sold all its output to Jersey Central Power & Light (“JCP&L”) and Marcal Paper Mills, Inc. (“Marcal”) under long-term contracts. In September 2005, Rockland Prime restructured the power purchase agreement between the partnership and JCP&L. The restructuring included the termination of the existing power purchase agreement and the transformation of the station into a merchant facility. Immediately following the restructuring, Rockland purchased the remaining 50% interest in the partnership from Goldman Sachs Group, Inc (NYSE: GS).
“Our investment in Prime highlights Rockland’s overall strategy,” said Scott Harlan, Chief Operating Officer and Managing Director of Rockland. “We identified an undervalued asset, completed a difficult restructuring with both its steam and electric customers and with the sale of the plant today, we completed a successful exit.”
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.