Ector County Energy names stalking horse winning bidder for assets

By Sarah Lizee

Olympia, Wash., June 23 – Ector County Energy Center LLC named stalking horse bidder Rockland Capital, LLC the winning bidder for its assets at the conclusion of an auction held Wednesday, according to a notice filed with U.S. Bankruptcy Court for the District of Delaware.

The winning bid includes a purchase price of $144.75 million ($141.56 million after application of a $3.19 million break-up fee credit) plus up to an additional $2.7 million in potential incentive consideration.

Prior to the auction, LS Power Equity Advisors, LLC had submitted a bid for the assets. Following the auction, LS Power’s bid, which includes a purchase price of $144.5 million plus up to $2.7 million of incentive consideration, was named backup bid.

Rockland’s original stalking horse bid, established in April, was set at $91.25 million.

A hearing to approve the sale will be held on June 27.

Goldsmith, Tex.-based Ector owns and operates a 330 MW natural gas-fired electricity-generating facility. The company filed Chapter 11 bankruptcy on April 11 under case number 22-10320.

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