GE Provides Term Loan for Rockland Capital’s Power Plant Buy
GE Energy Financial is providing a $50 million senior secured term loan to investment firm Rockland Capital to support its acquisition of the gas-fired Elgin Energy Center in Illinois.
Rockland Capital purchased the power generation facility, which sits on a 27-acre site 40 miles northwest of Chicago, as part of a larger acquisition earlier this year.
The funds will also be used to pay related fees and expenses. Further details of the transaction were not disclosed.
Carl Peterson, managing director and debt origination leader at GE Energy Financial, said, “The Elgin investment marks our first opportunity to serve Rockland Capital as a lead lender, and underscores GE’s ability to lead both contracted and merchant power transactions.”
The Elgin Energy Center is part of a 1,166 MW portfolio of three Illinois power plants that Rockland Capital acquired from Ameren Corporation in January 2014. The transaction was the first acquisition for Rockland Power Partners II, a $425 million investment fund closed in December 2013.