Rockland Capital Completes Acquisition of Eagle Point Power Generation
HOUSTON, TX – April 2, 2012 — Rockland Capital, LLC (“Rockland”) announced today that it has completed its acquisition of the Eagle Point Power Generation facility (“Eagle Point”) located in Westville, New Jersey. Simultaneous with the closing, Noble Americas Gas & Power Corp. (“Noble”) entered into an agreement to acquire a minority stake in Eagle Point. Noble will provide energy management services to the project.
Eagle Point, a 225 megawatt combined cycle natural gas facility, began operation in 1991 and is located across the Delaware River from Philadelphia. The plant sells energy and capacity into the PJM market.
Rockland acquired Eagle Point from Sunoco, Inc., who had previously used the facility to provide steam to its adjacent Eagle Point refinery before it was shut down in 2009. The facility has since operated primarily in combined cycle mode. Harris Williams & Co. acted as the exclusive financial advisor to Sunoco on the transaction.
“Eagle Point is an option-rich investment with multiple avenues for value creation that are underwritten by the strong market fundamentals of eastern PJM. Eagle Point will greatly benefit from Rockland’s asset management experience and Noble’s expertise in the gas and power markets,” said Jim Maiz, Partner of Rockland Capital.
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.
About Noble Group
Noble Americas Gas & Power Corp. is a subsidiary of Noble Group, a Fortune 500 company, that manages the global supply chain of agricultural and energy products, metals and minerals. Noble operates from over 140 locations, employing more than 70 nationalities, managing a diversified portfolio of essential raw materials, integrating the sourcing, marketing, processing, financing and transportation of those materials.