Competitive Power Ventures Completes Private Equity Financing With Warburg Pincus

    SILVER SPRING, Md., Oct. 4 /PRNewswire/ -- Competitive Power Ventures,
 Inc. announced today that it has concluded a private equity financing with
 Warburg Pincus and certain individual investors for a commitment of $51
 million.  Among the individual investors is Jacek Makowski, the founder of J.
 Makowski Company, who will sit on the Company's Board.  The Company was
 assisted in the financing by BNP Paribas.
     Competitive Power Ventures is a power generation development company led
 by a team of experienced, successful developers.  The Company will focus on
 the development of highly efficient and environmentally superior facilities in
 the range of 250 to 800 megawatts.  Compatibility with local community
 standards is paramount to the Company's philosophy.  Currently, Competitive
 Power Ventures has five projects under development in Florida and Virginia.
 Over the next three years the Company intends to develop at least ten projects
 in the United States and Canada.
     "With the equity investment by Warburg Pincus, CPV now has the financial
 resources to match our tremendous human resources," said Doug Egan, President
 of Competitive Power Ventures, Inc.  "The current market for new power
 generation facilities is unprecedented.  More than a decade of insufficient
 new plant construction combined with load growth fueled by the electronic
 economy have resulted in generation capacity shortages in most of the country.
 That opportunity, however, has given birth to an enormous surge of development
 activity.  The difference between companies that succeed in developing the
 projects to meet the need and companies that fail will be the quality of the
 individuals that manage those projects."
     Mr. Egan was formerly Senior Vice President for PG&E Generating Company
 where he ran the development group.  Gary Lambert, formerly Vice President,
 Development for PG&E Generating and now Executive Vice President for
 Competitive Power Ventures shares responsibility for leading the Company.
 "With the team we have assembled, we believe we can develop efficient and
 economical power projects that are also highly compatible with the
 environmental and community standards that are so critical to maintain," Mr.
 Lambert said.  "What is more, we can do so in a timely and cost-effective
 manner".
     The Competitive Power Ventures project development team comprises energy
 industry and development professionals that have been involved in many
 successful projects over the past several years.  They include Peter
 Podurgiel, Sean Finnerty and Patricia DiOrio, all formerly Managers in PG&E
 Generating Company's development group, Brad Dore, previously Senior Vice
 President, Business Development at Poseidon Resources Corporation, and Chris
 Broemmelsiek, former Vice President of Business Development at Alstom Power.
     Howard Newman, Vice Chairman of Warburg Pincus, said: "We believe there
 are significant opportunities in the rapidly evolving power generation
 industry.  Well run companies that can act quickly and decisively have the
 chance to create substantial value over the next few years.  We are pleased to
 add Competitive Power Ventures to the select list of companies that we are
 backing in this market".
 
     Competitive Power Ventures is headquartered in Silver Spring, Maryland and
 has an office in Braintree, Massachusetts.  Mr. Egan can be contacted at
 degan@cpowerventures.com and Mr. Lambert can be contacted at
 glambert@cpowerventures.com.
 
     Warburg Pincus is a major global equity firm that has invested more than
 $11 billion in over 420 companies since 1971.  Investing out of the $5 billion
 Warburg, Pincus Equity Partners, L.P. fund, and working in partnership with
 management, the firm takes an active role in the development of portfolio
 companies from start-ups to the creation of significant and durable
 businesses.
     The firm invests in a broad array of industries, including energy,
 financial services, healthcare and education, information technology, the
 Internet, and media and communications.  Other Warburg Pincus energy
 investments include Newport Generation, Inc; J. Makowski Company; Newfield
 Exploration; Marine Drilling; EEX Corporation; and Spinnaker Exploration.  The
 firm has over 90 professionals with offices in New York, Silicon Valley,
 London, Munich, Hong Kong, Singapore, Tokyo and Sao Paulo.  More information
 on Warburg Pincus is available at www.warburgpincus.com.
 
     BNP Paribas has offices in 83 countries, a staff of over 77,000 employees,
 and operates in the world's seven largest financial centers. BNP Paribas is
 divided into six core businesses: corporate and investment banking; domestic
 retail banking; international retail banking; specialized financial services;
 private banking, asset management, securities services, insurance and real
 estate; and Paribas Capital.  With assets of almost 700 billion Euro as of
 December 31, 1999, BNP Paribas is one of the world's largest financial
 institutions.  Additional information on BNP Paribas is available at
 www.bnpparibas.com.
 
 

SOURCE Competitive Power Ventures

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.