Rockland Capital Sells Interests in Ripon Cogeneration
HOUSTON, TX – June 29, 2005 — Rockland Capital Energy Investments, LLC (“Rockland”) announced today that it, along with its partners, Lightyear Capital and D. Milne Associates, has sold its interests in Ripon Cogeneration, LLC to Countryside Power Income Fund (TSX:COU.UN).
Ripon Cogeneration, LLC owns and operates the 51 MW Ripon cogeneration facility located 70 miles south of Sacramento, California, and the 44 MW San Gabriel cogeneration facility, located in Pomona, California. Both facilities are fueled with natural gas and hold long-term agreements to serve regulated utilities in their respective service areas. The transaction was structured as a sale of 100% of the interests of Ripon Cogeneration’s holding company, Lightyear Rockland Partners, LLC.
Rockland continues to own and operate Prime Energy, LP, a New Jersey cogeneration project, and remains active in project acquisition, management, restructuring and development for the U.S. and international power markets.
“The divestiture of the Ripon projects is consistent with our business philosophy to continually evaluate our assets in light of market opportunities,” said Scott Harlan, Chief Operating Officer and Managing Director of Rockland. “In our short period of ownership we were able to create value from both an operational and contractual standpoint. In addition, Rockland benefited from its willingness to invest in the California market prior to its full recovery.”