Rockland Capital Energy Investments and GSO Capital Partners Acquire MCV Interests from El Paso Corp
HOUSTON, TX – August 2, 2006 — Rockland Capital Energy Investments (“Rockland”) and GSO Capital Partners (“GSO”) announced today that they have purchased a 44-percent interest in Midland Cogeneration Venture (“MCV”) from El Paso Corporation for $13 million. MCV is a 1,500-megawatt natural gas-fired project located in Midland, Michigan.
The facility began commercial operation in 1990 and sells power and steam under long-term contracts to Consumers Energy and Dow Chemical. Rockland and GSO will jointly manage the project.
For Rockland and GSO this transaction follows last month’s announcement in which they disclosed an agreement to purchase Consumers Energy’s interest in MCV. Upon closing of the Consumers transaction, Rockland and GSO will collectively own 93-percent of the equity interests in MCV in addition to a 35-percent lessor interest.
GSO Capital Partners LP is an investment advisor specializing in the leveraged finance marketplace. Funds managed by GSO invest in a broad array of assets including private equity securities, mezzanine securities and leveraged loans. The firm has approximately $5 billion in assets under management and has over 90 professionals in New York, London and Houston.
Rockland Capital Energy Investments, a private energy investment company founded in 2003, focuses on the acquisition, development and optimization of companies and projects in the North American and European energy sectors.