LONDON, UK – April 14, 2004 — Rockland Capital Energy Investments Limited (“Rockland”) announced today that it has acquired an economic interest in the US$ Fixed and Floating Rate Notes issued by Teesside Power Financing Limited in July 1999.
The acquisition represents approximately 65% of the Notes under issue and accounts for approximately 27.5% of the equity interests in Teesside Power Limited via the Bonds trustee arrangements.
Financial terms of the transaction are not being disclosed.
The Teesside Power Financing Bonds represents Rocklands third acquisition since forming in March of last year. “This acquisition is part of our continuing goal to invest either directly or indirectly in independent power projects in key markets,” said Martin Pickard, Managing Director of Rockland Capital Europe. Rockland has nearly 1,000 MWs of power assets either under direct/indirect ownership or management. The company was advised by Chadbourne & Parke.
Rockland is a privately funded energy investment company managed by former El Paso Corp executives W. Scott Harlan and David Yeager in Houston, Texas and Martin Pickard in London, England. The firm was created to capitalize on the substantial business opportunities resulting from the deregulating power industry in North America and Europe. Rockland has a differentiated and disciplined business plan focused on acquiring and optimizing independent power projects with long-term contracted cash flows. The company has offices in New York, Houston, London and Dortmund.