Braintree, Massachusetts - Competitive Power Ventures (CPV) announced today that Paul Buckovich has been promoted to Chief Financial Officer following the completion of the most recent in a series of successful project financing efforts. Formerly, Buckovich served as the company’s Senior Vice President of Finance.
Buckovich has been with CPV for over 13 years and has successfully led all of the company’s debt financing efforts to date including CPV Keenan, CPV Cimarron, CPV Sentinel, CPV Woodbridge, and most recently CPV St Charles. These financings represent a total of more than 2,400 megawatts and in excess of $2.3 billion in project financing.
With CPV Woodbridge last fall, Buckovich and CPV pioneered the use of a creative, medium-term contract financing through the commercial bank market. Where only a few commercial banks would have considered lending to a project of this risk profile just a few years ago, CPV and Buckovich have helped evolve the market to the point where 10 lenders supported the CPV Woodbridge financing last fall and 15 lenders supported a similar financing of the CPV St. Charles project in August 2014. Showing continued outstanding market support for this approach, the CPV St. Charles debt package had a nearly two-times oversubscription rate. In addition, Power Finance magazine and the Power Finance and Risk publication awarded CPV Sentinel (2011) and CPV Woodbridge (2013) as power financing projects of the year, respectively.
“At CPV, we take pride in succeeding where others fear to tread. From on-the-ground engaged development to project closing, CPV does not shy from challenging environments,” said Gary Lambert, CPV’s President. “Paul is a true trailblazer on the financial end of this equation, building trust and support for approaches that are innovative and allow us success where others may fall short. We are very fortunate to have Paul on the team.”
CPV: Energizing North America’s Future
Competitive Power Ventures, LLC (CPV) is dedicated to increasing America’s sustainability; both economically and environmentally. Using domestically-available energy sources, like wind and natural gas, and partnering with host communities to support their tax base and school districts, CPV works to stabilize and improve local and state economies. CPV’s corporate mission is built around a belief that progressive companies can be powerful agents of change for a better world and a cleaner environment. To this end, we have focused our core activities around developing and operating energy facilities that can make a significant difference in improving the environments and economic well-being of a region. Headquartered in Silver Spring, MD, with offices in Braintree, MA, Houston, TX and San Francisco, CA the company currently has 5,000 MW of conventional generation projects in various stages of development across North America. The company’s Asset Management division has ramped up to more than 4,700MWs of natural gas generation and wind power under management. CPV Renewable Energy Company is currently developing 1,300 MWs of wind power projects across North America. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy