March 27, 2015 — Competitive Power Ventures, Inc. (“CPV”) today announced that it has entered into an agreement with Global Infrastructure Partners (“GIP”) under which GIP will acquire the majority of CPV’s business and invest additional capital to fund the high-performing clean energy company’s next phase of growth. Closing of this transaction is expected to occur during the second quarter of 2015.
With this transaction, GIP will succeed Warburg Pincus as principal owner of CPV. Warburg Pincus funded CPV’s activities, helping CPV CEO Doug Egan and President Gary Lambert to establish and grow the CPV platform. J.P. Morgan served as CPV’s financial advisor to this process.
“We are very excited by the opportunities created by GIP’s investment. These past five years CPV has experienced accelerating growth and we look forward to making the next five years even more dynamic,” said Doug Egan. “At the same time we are grateful to Warburg Pincus for their confidence in us, and all they’ve done to help get us to this point.”
“This transaction gives CPV access to significant capital to invest in infrastructure, which aligns with our long term strategy of continuing our successful track record of large-scale development while adding scale as an owner-operator of generation assets and expanding the breadth of CPV’s asset management services,” said Gary Lambert. “This deal positions us perfectly for our next phase of growth.”
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 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 and expects to commence construction on its CPV Valley Energy Center (720 MW) in Orange County, New York in the third quarter of 2015. In New England, CPV is updating permits at the Connecticut Siting Council and also expects to commence construction on the CPV Towantic Energy Center (805 MW) during 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.
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 6,000 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 7,550 MW of natural gas generation and wind power under management. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy.
About Global Infrastructure Partners
Global Infrastructure Partners ("GIP") is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses in both OECD and select emerging market countries. GIP targets investments in single assets and portfolios of assets and companies in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York and London, with an affiliate in Sydney and portfolio company operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.