Rockland Capital, a private equity firm focused on the acquisition and optimization of North American power projects, has closed the firm’s latest institutional fund, Rockland Power Partners III, with $454 million in commitments, exceeding the firm’s initially targeted size.
The fund received strong support from Rockland’s existing investors with 80 percent of the capital coming from prior investors.
Rockland Capital has an “opportunistic approach to investing in under-managed North American power projects and our success in removing inefficiencies and optimizing asset performance has allowed us to consistently create value,” said Scott Harlan, managing partner.
Rockland acquired a portfolio of six natural gas-red peaking power plants from AES on March 27, just prior to the final closing of the fund. “The closing of the Ohio peaker portfolio is an indication of the strength of the opportunity set,” said Harlan. “We have already invested 40 percent of this third fund, and we have a strong pipeline of attractive opportunities.”
The firm also manages Rockland Power Partners and Rockland Power Partners II.
