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
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
firstname.lastname@example.org and Mr. Lambert can be contacted at
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
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
SOURCE Competitive Power Ventures