Sunoco Selling Eagle Point Power Plant to Rockland Capital

A private equity firm has stepped in to buy the power plant at , leaving the soon-to-be-dismantled refinery as the only major piece of the property left under Sunoco's control.

Rockland Power Partners, a subsidiary of Rockland Capital, will take over the 225-megawatt cogeneration station, which has operated adjacent to the refinery at Eagle Point since 1991 and sells power to PSE&G.

Financial terms of the deal to buy the power plant, which is currently assessed at $13.6 million, were not disclosed.

"Eagle Point presents an opportunity for Rockland to implement an ambitious commercial agenda at a clean, natural gas-fired facility," said Jim Maiz, a partner of Rockland Capital.

This isn't the first venture in South Jersey for Rockland, which also bought the B.L. England coal- and oil-fired power plant at Beesley's Point in Cape May, just across the bay from Ocean City, via another subsidiary, Rockland Capital Energy Investments, in 2007.

The Eagle Point power plant and refinery complex were the last two major pieces of the property Sunoco had up for sale, after , which makes up the bulk of the complex, to Sunoco Logistics L.P.

, and Sunoco representatives have said they plan to turn the complex into a terminal facility.