Competitive Power Ventures Sells Partial Stake in Towantic Energy Center
CPV And Osaka Gas USA Solidify Shared Commitment To Helping Meet Energy Demands In The U.S.
Silver Spring, Maryland — December 17, 2018 — Competitive Power Ventures (CPV) has finalized the sale of 25 percent of its ownership interests in the CPV Towantic Energy Center (CPV Towantic) to Osaka Gas USA (OGUSA). CPV and OGUSA have a shared commitment to developing, constructing and managing new, state-of-the-art power generation facilities in the United States to help meet the demands for reliable, affordable energy.
CPV Towantic is an 805-megawatt (MW) dual-fuel, combined-cycle electric generating facility operating in Oxford, Connecticut. The facility, which supplies enough electricity to power more than 800,000 homes, is designed with advanced air-cooling technology which reduces water usage by approximately 85% compared to traditional facilities.
This latest investment in CPV Towantic by OGUSA is the fourth one the company has made in a project developed and sponsored by CPV entities. The others include CPV St. Charles Energy Center in Maryland, CPV Woodbridge Energy Center in New Jersey, and CPV Fairview Energy Center in Pennsylvania.
“OGUSA is pleased to partner again with CPV on another exceptional power project, this time serving the ISO-New England wholesale electricity market. Our thriving partnership with CPV has been instrumental in expanding our generation footprint in the U.S. power markets,” said Tetsushi Ikuta, President, OGUSA.
“OGUSA has been an outstanding partner with us now in four CPV generating facilities. We are proud to partner with them to provide safe, reliable, cost effective and environmentally responsible power generation in the United States,” said CPV’s CEO Gary Lambert.
CPV Towantic sells its capacity, energy and ancillary services into the ISO New England market. The site’s proximity to natural gas from the Algonquin Interstate Pipeline and the Connecticut Light & Power 115kV circuit between Baldwin Junction and Beacon Falls will ensure reliable, locally generated power for years to come.
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About Competitive Power Ventures
Competitive Power Ventures (CPV) is uniquely positioned to leverage global technology and financial partnerships to help modernize America’s power generation. Together with our investors, partners, host communities and other key stakeholders, we are driven to improve our energy infrastructure by developing and operating power generation facilities using cutting edge, domestically available natural gas and renewable power technologies. Headquartered in Silver Spring, MD, with offices in Braintree, MA, and San Francisco, CA, the company has ownership interest in 4.6 GW of clean generation across the United States. The company’s Asset Management division currently manages 8,897 MW of fossil and renewable generating facilities. 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 110 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 a total of 6 million customers in 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 “Going Forward Beyond Borders 2030” business plan. As a part of the vision, Osaka Gas plans to deploy $5 billion from 2017 through 2030 in energy assets internationally. For more information: www.osakagasusa.com.
Manager, CPV Corporate Communications