Rollcast Energy Secures Investment by Atlantic Power Corporation
17th April, 2009
Rollcast Energy, a developer of clean, renewable biomass power plants, announced today a $3 million investment by Boston based Atlantic Power Corporation.The financing will support the development of Rollcast's portfolio of biomass power projects.
"We're excited about Atlantic Power's decision to invest in our company and see this funding as a tremendous vote of confidence in our project pipeline, industry leadership and growth strategy," says Penn Cox, chief executive officer of Rollcast. "This investment will help accelerate our business plan and help bring much needed clean power to the United States."
Rollcast was founded in 2005 and has a portfolio of biomass power projects in development. These include two projects with executed, long-term power purchase agreements, Loblolly Green Power in South Carolina and Piedmont Green Power as well as Greenway Renewable Power in Georgia.
"We feel that Rollcast has an excellent development team and a strong pipeline of projects," says Barry Welch, President and CEO of Atlantic Power. "We are excited about significantly expanding our renewable portfolio, while working with Rollcast to help bring these projects to fruition."
Fieldstone Private Capital Group, Hunton and Williams and Bishop, Dulaney and Joiner advised Rollcast on the transaction.
About Rollcast Energy, Inc.
Rollcast Energy develops biomass power plants that bring clean, renewable energy and jobs to the local communities. It has a diversified portfolio of projects, primarily in the southeastern US. For more, see www.rollcastenergy.com.
About Atlantic Power Corporation
Atlantic Power Corporation (TSX: ATP.UN) owns interests in and manages a diversified portfolio of independent, non-utility power generation projects and one transmission line situated primarily in major U.S. markets. Generation projects typically sell electricity to utilities and other buyers under long-term power purchase agreements designed to pass through fuel cost fluctuations. Path 15 is an 84 mile, 500-kilovolt transmission line upgrade in central California built to alleviate an existing north-south transmission congestion point. ATP is one of the largest and most diverse power income funds in the industry.
Atlantic Power Corporation partners with experienced firms who operate and maintain its power projects. These firms typically have invested equity alongside Atlantic Power Corporation.
Atlantic Power Corporation intends to provide investors with steady, sustainable and growing cash distributions by enhancing the operations of its facilities, optimizing the projects' contracts and through the accretive acquisition of additional interests in power generating, transmission, and other energy-related facilities.
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