Recognition of the Sound and Timely Execution of CPV Maryland’s $450mm Refinancing in Challenging Term Loan B Market Conditions Marks the Second Year in a Row a CPV Project Has Been Awarded Proximo’s North American Power Deal of the Year
Silver Spring, MD, March 7, 2022 – Competitive Power Ventures (“CPV”) today announced that CPV Maryland, LLC (CPV Maryland), the owner of the CPV St. Charles Energy Center (CPV St. Charles), has received the 2021 North American Power Deal of the Year Award from Proximo for its $450 million Term Loan B (TLB) refinancing that closed in May 2021. CPV Maryland was the only rated single asset leveraged loan new issue in North America successfully executed in the TLB market in 2021. A CPV project has earned this honor for the second year in a row, with the CPV Three Rivers Energy Center being named the 2020 winner in the same category.
The Proximo Awards are voted on by their editorial team, which assesses and reviews hundreds of submitted nominations. The winners are selected based on the risk developers and lenders took to close the project. The editors also take into consideration how innovative the structuring was and whether the deal is templatable for the future.
“CPV is one of the top-flight power developers active in the United States, and for it to win a Proximo Deal of the Year Award two years running reflects the esteem with which it is held in the United States power finance market,” said Tom Nelthorpe, Managing Editor, Proximo. “The CPV Maryland refinancing was well timed and strongly executed, and Proximo is honored to recognize CPV for the second year in a row.”
“We are honored to receive this prestigious award from Proximo two years in a row,” said CPV Chief Financial Officer Paul Buckovich. “Our ability to timely refinance CPV Maryland in the context of PJM capacity auction delays and COVID-related challenges is a testament to the ingenuity and perseverance of the CPV team. We are grateful for the support from our equity partners Marubeni, Osaka Gas, and Toyota Tsusho, and the coordinated management among the transaction’s first-class execution team of MUFG (Lead Left), Joint Lead Arrangers BNP Paribas, Crédit Agricole, and Mizuho, and the dynamic duo of Latham Watkins and Milbank.” The 20+ strong group of commercial bank and institutional lenders confirmed the wide range of market support for the transaction.
CPV St. Charles is a $775 million, 745-megawatt power generation facility featuring GE’s highly efficient fast-start 7F.05-Series gas turbines and a D-11A steam turbine with associated generators, making it one of the most efficient generating facilities in Maryland and the nation. The facility is representative of CPV’s steadfast commitment to modernize power generation in the safest, most environmentally responsible and cost-effective manner possible. Newer natural-gas-fueled power plants like CPV St. Charles offer quick, flexible generation that can support the inherent intermittency of renewables, maintain grid reliability, and help drive North America’s transition to a lower carbon future.
Located in Waldorf, MD, CPV St. Charles is capable of powering approximately 700,000 homes and helping to avoid an estimated 3.9 million tons of CO2 annually, the equivalent of taking more than 782,269 passenger vehicles off the road. The facility, which has been in operation since 2017, has created substantial local and regional benefits, including hundreds of millions of dollars in private investment and significant new revenues for local governments and businesses.
In support of the community, CPV St. Charles has awarded $40,000 in the form of Project Lead The Way Implementation Grants to support STEM-based initiatives in the Waldorf Public Schools. The project has also donated $10,000 to the Southern Maryland Food Bank and supports emergency responders in Waldorf and the surrounding communities.
CPV Group LP, a partnership majority owned by OPC Energy Ltd., 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, clean and highly efficient technologies. Headquartered in Silver Spring, MD, with an office in Braintree, MA, the company has ownership interest in 5,500 MW of clean generation across the United States and the company’s Asset Management division manages 7,335 MW of generating facilities in nine states. Our focus on Environmental, Social and Governance (ESG) and sustained track record of success have enabled us to grow into one of North America’s premier energy companies. For more information: www.cpv.com and follow CPV on Twitter and LinkedIn.
Director, Corporate Communications
Competitive Power Ventures