Tradewinds Closes Merger with GMO Renewable Resources
Houston, TX – December 30, 2009 — Rockland Capital, LLC (“Rockland”) announced the merger of Tradewinds Forest Products, LLC (“Tradewinds”) with LHF Lopiwa, LLC (“Lopiwa”) an affiliate of GMO Renewable Resources, LLC (“GMO”). Tradewinds is developing a veneer mill and cogeneration facility on the Island of Hawaii. Through Lopiwa, GMO controls the Hamakua Timber Plantation, a 13,000 acre eucalyptus plantation located on the Island of Hawaii. Financial terms of the merger were not disclosed.
“We are very excited about the possibilities created by this merger. The combination of GMO’s Hamakua plantation with Tradewinds veneer mill and cogeneration development enables the financing of mill and creates a strong platform from which the Hawaiian forestry industry can thrive,” stated Scott Harlan, Managing Partner at Rockland.
Along with the Hamakua Timber Plantation acquired in the merger, Tradewinds has secured a thirty acre industrial site in O’okala, Hawaii on the Hamakua coast, a timber cutting rights contract with the Hawaii Department of Land and Natural Resources, an air permit for the cogeneration facility, a power purchase agreement with Hawaiian Electric Light Company and an agreement for the sales of eucalyptus veneer from the mill. Tradewinds plans to commence construction in 2010 and start producing veneer in late 2011.
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.