Competitive Power Ventures Closes Investment Transaction with Global Infrastructure Partners- Clean Energy Company Strategically Positioned for Upcoming Market Changes -
May 28, 2015 — Competitive Power Ventures, Inc. (“CPV”) announced today that Global Infrastructure Partners (“GIP”) has completed the purchase of CPV’s principal assets including the operating company. GIP intends to fund CPV’s next round of corporate growth including constructing the Valley and Towantic projects as well as providing funding for CPV’s ongoing project development activity. This investment in CPV complements GIP’s existing power generation investments in the Americas and continental Europe.
GIP succeeds Warburg Pincus as the principal owner of CPV. J.P. Morgan served as CPV’s financial advisor to this process.
“CPV is an energy company committed to making this country a better place economically, environmentally and from an energy standpoint,” said CEO Doug Egan. “We are very pleased that GIP understands the value of this approach and supports it with their outstanding sector expertise, financial strength and insight.”
“This transaction gives CPV access to significant capital to invest in infrastructure at a time when this country is making major changes to the power system,” said CPV president, Gary Lambert. “GIP’s funding, combined with CPV’s proven development and asset management expertise is a potent combination to fuel growth as one of the premier generating companies in the U.S.”
CPV has advanced steadily over the years, despite a very challenging business environment brought on by the economic recession and limited electricity demand growth. Notwithstanding these challenges, CPV has excelled through a highly-focused strategy of anticipating market demands, working actively on policy on behalf of consumers, and interacting closely with host communities to advance projects.
Within the past two years, the company has permitted and financed the CPV Woodbridge Energy Center (725 MW) in central New Jersey and the CPV St. Charles Energy Center (725 MW) in Southern Maryland, both of which are now in construction.
Recently, CPV obtained all of its permits on its CPV Valley Energy Center (720 MW) in Orange County, New York and expects to commence construction in the third quarter of 2015. In New England, the Connecticut Siting Council in May 2015 approved the CPV Towantic Energy Center (785-MW nameplate capacity). CPV expects to commence construction during late 2015. These significant projects follow a series of successful utility scale wind farms previously developed by CPV. CPV also has several projects in the development pipeline and expects to announce its next round of projects in the coming year.