Chadbourne & Parke LLP is representing Houston-based Rockland Capital Energy Investments LLC in a deal by its Rockland Prime Holdings LLC affiliate to purchase a 50% stake in Prime Energy LP from Aquila Corp.
Prime Energy owns a 65-megawatt electric generating plant in Elmwood Park, N.J.
Chadbourne attorneys working on the deal include Andrea Satty, project finance partner in New York; Edward Smith, corporate partner in New York; William Cavanagh, tax partner in New York; and Shane deBurca, a corporate associate in New York.
Terms of the transaction were not disclosed.
The plant is a gas- and oil-fired cogeneration facility which sells its output to Jersey Central Power & Light Co. and Marcal Paper Mills Inc. under long-term contracts. All existing plant employees will be transferred to North American Energy Services, which will
operate the project.
Prime Energy is Rockland’s first acquisition since its started up last March. Rockland is a private energy investment company managed by former El Paso Corp. executives Scott Harlan and David Yeager in Houston and Martin Pickard in London.