CPV Shore Investment, LP Announces The Sale Of A 20 Percent Stake To A Leading North American Natural Gas Generation Company
Silver Spring, MD — March 28, 2017 — Competitive Power Ventures, Inc. (“CPV”) announced today that its affiliate CPV Shore Investment, LP (“CPVSI”) has finalized the sale of a 20 percent ownership interest in the CPV Woodbridge Energy Center (“CPV Woodbridge”) to Osaka Gas USA (“OGUSA”). CPVSI will retain a 37.5 percent ownership interest in CPV Woodbridge. In addition to CPVSI and OGUSA, Toyota Tsusho Corporation and John Hancock Life Insurance Company also hold ownership interests in the project. The transaction received approval from the Federal Energy Regulatory Commission in February.
Following its acquisition of a 25% interest in the CPV St. Charles Energy Center in Maryland and just recently a 50% interest in the CPV Fairview Energy Center in Pennsylvania, this is OGUSA’s third investment in a project developed and sponsored by CPV entities.
CPV Woodbridge is a 725-megawatt natural gas-powered combined-cycle electric generating facility located in Woodbridge, New Jersey and has been in operation since early 2016. The project, which supplies enough electricity to power 700,000 homes, facilitated the cleanup of a former chemical plant site and provided new public access to the Raritan River.
“Osaka Gas USA is pleased to partner with CPV on another excellent energy project that delivers reliable, affordable power to meet growing energy demands and provide significant economic benefits to the region,” said Hibachi Yoneyama, President, OGUSA. “CPV’s consistent record of delivering for investors, industry-leading development success and strong deal flow make the company an ideal partner to help Osaka achieve its long-term strategic goals.”
“Osaka Gas USA is an outstanding equity partner recognized for its strong industry expertise,” said Gary Lambert, CPV President and CEO. “This agreement was made possible through our shared commitment to providing clean, natural gas power generation to enhance grid reliability and provide energy consumers with low-cost electricity.”
About Competitive Power Ventures
Competitive Power Ventures (CPV) is dedicated to increasing America’s energy sustainability by providing safe, reliable, cost effective and environmentally responsible power generation. Together with our investors, partners, host communities and other key stakeholders we are driven to improve North America’s energy infrastructure by building new power generation and optimizing existing facilities using cutting edge, domestically available power technologies. Headquartered in Silver Spring, MD, with offices in Braintree, MA, and San Francisco, CA, the company has successfully developed or monetized 20 projects totaling 11.9 GW of natural gas-fired and renewable generation assets. The company’s Asset Management division currently manages 4,847 MW of fossil and renewable generating facilities in eight states for eight different owner groups. For more information: www.cpv.com. Follow CPV on Twitter: @CPVEnergy.
About Osaka Gas USA
Osaka Gas USA Corporation (OGUSA) is a wholly owned subsidiary of Osaka Gas Co., Ltd (“Osaka Gas”) formed to develop, construct, acquire and manage energy businesses throughout North America. Established in 1897, Osaka Gas has over 100 years of experience in the energy sector and has grown into a diversified energy company, well-positioned across the entire natural gas value chain. Osaka Gas is a major natural gas and energy service provider serving 7.0 million customers in central Japan. The Company accounts for approximately 25% of the entire natural gas market in Japan. Osaka Gas is actively pursuing investment opportunities consistent with its long-term “Field of Dreams 2020” business plan. As a part of the vision, Osaka Gas plans to deploy $4.4 billion by 2020 in energy assets internationally. For more information: www.osakagasusa.com.