This document is a copy of the Current Report on Form 8-K filed on May 2, 1996
pursuant to a Rule 201 temporary hardship exemption.
Item 1. Acquisition or Disposition of Assets.
On April 16, 1996, the Registrant, Ridgewood Electric Power Trust
IV, acquired an interest in a 12.3 megawatt capacity electrical
generating station (the "Providence Project") located at the
Central Landfill in Johnston, Rhode Island. The Providence
Project uses eight reciprocating engines fueled by methane gas
generated and collected from the landfill. The Project's
electricity output is sold to New England Power Corporation under
a long-term contract terminating in 2021.
The Registrant and Ridgewood Electric Power Trust III, a Delaware
business trust ("Ridgewood Power III"), organized a Delaware
limited partnership, Ridgewood Providence Power Partners, L.P.
(the "Partnership") to act as owner of the Providence Project.
The Registrant contributed an aggregate of $12,850,000 to the
capital of the Partnership and its corporate general partner and
owns a 64.3% equity interest in each, and Ridgewood Power III
contributed an aggregate of $7,130,000 to those same entities
and owns a 35.7% interest in each. The Registrant funded its
capital contributions to the Partnership and its general partner
from the net proceeds of its private placement offering of shares
of beneficial interest. Distributions and allocations of income,
loss and tax items from the Providence Project will be divided
between the two trusts in proportion to their capital
contributions (except for a one percent allocation to the
corporate general partner).
The Partnership purchased the Providence Project from
Northeast Landfill Power Joint Venture, an Illinois general
partnership (the "Seller") between Northeast Landfill Power
Company and Johnson Natural Power Corporation (the "Venturers").
Neither the Seller nor the Venturers have material relationships
with the Registrant and its affiliates and the purchase price was
determined through arm's length negotiations.
The purchase price for the assets of the Providence Project
was $10,300,000, of which $500,000 is being withheld by the
Partnership and the Seller in a joint account pending completion
of a post-closing performance test for the system that collects
gas from the landfill. The $500,000 will be paid to the Seller
if the performance criteria are met. If not, the Partnership may
apply those funds to improvements in the gas collection system.
In addition, in order to obtain the consent of lenders to
the Project and of the owner of the landfill to the transaction,
the Partnership prepaid $3,000,000 in principal amount of debt
encumbering the Providence Project and $925,000 in gas royalties
to the landfill owner, Rhode Island Solid Waste Management Corp.
Together with other expenses of the acquisition, the total
investment by the Trust and Ridgewood Power IV in the assets
acquired was $14,700,000. The remaining $5,300,000 of the
Partnership's capitalization is to be applied to reserves for
capital improvements and expansion of the Providence Project and
to working capital.
The gas supply is currently being purchased under an
existing contract expiring in 2021 at a fixed price equal to 15%
of the Providence Project's gross revenues.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
The audited historical and unaudited pro forma financial
statements required by Regulation S-K are in preparation and
cannot be furnished at this time. They will be provided by
amendment to this Current Report no later than July 2, 1996.
(c) Exhibits.
Exhibit No. Item
2 Asset Acquisition Agreement by and
among Northeast Landfill Power Joint Venture,
Northeast Landfill Power Company, Johnson
Natural Power Corporation and Ridgewood
Providence Power Partners, L.P. (to be filed by amendment
due to inability to convert document to EDGAR format)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
RIDGEWOOD ELECTRIC POWER TRUST IV
By: /s/ Robert K. Brady
Robert K. Brady, Senior Vice
President and Chief Financial
Officer
