Private equity firm Rockland Capital is expecting first round bids to come in at the end of the month for the sale of its 238 megawatt Eagle Point power plant. Rockland's sell side adviser Barclays Capital sent teasers out to prospective buyers in May and is conducting the auction as a typical two phase process. The plant, formerly owned by Sunoco will probably fetch about $1,000 per kWh, which could result in a sale price of about $240 million. Eagle Point went into commercial operation in May 1991 and it has a long term land lease until 2037, which is renewable for an additional 25 years. It also has a firm gas transport from the Columbia Pipeline. The Deal's Amanda Levin reports from New York.
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