* Rockland Capital buys plant, assets for $30.5 mln
* Energy Dept said could recover more than 70 pct of loan
WASHINGTON Feb 6 The bankrupt energy
storage company Beacon Power Corp has found a buyer, a deal that
the could allow the U.S. Energy Department to recover 70 percent
of the money loaned to the company under a much-criticized
Beacon Power used the $39.5 million loan
guarantee to help fund a $69 million, 20-megawatt flywheel
energy storage plant in Stephentown, New York.
Rockland Capital, a private equity firm, bought the plant
and most of the company's other assets for $30.5 million.
"Under the terms of the deal, the Department stands to
recover more than 70 percent of the taxpayer's investment," said
Damien LaVera, a spokesman for the Energy Department.
After the bankruptcy of Solyndra last year with its $500
million in loan guarantees, Republicans criticized President
Barack Obama for the loan program that they say aims to pick
winners and losers in the sector.
In another high profile failure, Ener1, which planned to
make electric car batteries on a $118.5 million Energy
Department grant, filed for bankruptcy last month.
The House Energy and Commerce Committee has been
investigating the loans for more than a year.
The White House will soon unveil its own review of the
Energy Department's portfolio. It commissioned Wall Street
veteran Herb Allison to conduct an independent review of the
The case is Beacon Power Corp, U.S. Bankruptcy Court,
District of Delaware, No. 11-13450.