GE Energy Financial Services will help investment firm Rockland Capital LLC acquire the gas-powered Elgin Energy Center in Illinois. GE will lend an undisclosed amount to Rockland for the transaction, according to Utility Products.
Rockland Capital had acquired Elgin earlier this year as part of a bigger purchase. Under the terms of the debt transaction, GE will provide Rockland with a $50-million senior secured loan to partially finance the Elgin purchase. The cash will also be used for other fees and expenses related to the acquisition. Other details of the loan were not disclosed, the report detailed.
The 484 MW power plant in Northern Chicago sells its products into the PJM market. ProEnergy Services provides the facility with energy management services from Tenaska Power Services. Elgin started operating in 2002, the report added.
The Elgin power plant is only one of the three Illinois power generation facilities that Rockland purchased from Ameren Corp earlier this year. In December 2013, Rockland closed $425 million for its Rockland Power Partners II investment fund. Elgin is the latter's first acquisition, Utility Products reported.
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