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GE unit provides $50M loan for Illinois power plant

GE unit GE Energy Financial Services is providing a loan to investment firm Rockland Capital, LLC to support its acquisition of the gas-fired Elgin Energy Center in Illinois. Rockland Capital purchased the power generation facility, which sits on a 27-acre site 40 miles northwest of Chicago, as part of a larger acquisition earlier this year. GE Energy Financial Services is providing a $50M senior secured term loan that will be used in part to finance the Elgin acquisition and pay related fees and expenses. Further details of the transaction were not disclosed.