SILVER SPRING, Md., April 11 /PRNewswire/ -- Competitive Power
Ventures, Inc. ("CPV") today announced that it has reached agreement for
the sale of CPV Wind Ventures, LLC ("CPV Wind") to Iberdrola Renewable
Energies USA, Ltd. ("Iberdrola"). The transaction includes the sale of all
interests in CPV Wind to Iberdrola and is expected to close by early May.
Founded in 2005, CPV Wind is a joint venture of CPV and affiliates of
ArcLight Capital Partners. CPV Wind has developed a diverse portfolio of
projects totaling 3,500 MW across 15 states. It also has a contract for a
large block of General Electric wind turbines to support the development
"CPV Wind's sale to Iberdrola -- an established leader in the wind
generation industry -- will ensure these projects are commercially
competitive and help meet this nation's goal of increasing the supply of
clean, renewable electric generation," said Doug Egan, CPV Chairman and
Chief Executive Officer. "CPV has always been and will continue to be
committed to developing environmentally superior sources of electric
generation, including wind, to ensure an adequate supply of electricity."
"Through the tremendous efforts of the CPV and ArcLight teams, CPV Wind
has been built into one of the leading wind development companies in the
country. The strong management team of CPV and the successful development
of the portfolio was key to our attracting the attention of the world
leader in renewable energies generation and helped to facilitate this
transaction." said Dan Revers, Managing Partner of ArcLight Capital.
Over the past eighteen months CPV Wind has seen significant expansion
through both greenfield development and acquisition. The sale of CPV Wind
to Iberdrola pairs the project portfolio with a leading owner and operator
of wind generation worldwide. It is expected that commercial operation of
the projects will start as soon as 2008. CPV Wind was represented in this
transaction by Marathon Capital.
The sale of CPV Wind is the fourth major transaction by CPV in recent
months. CPV previously announced its selection to supply over 1,100 MW of
new, clean and efficient natural gas fuel generation to two California
utilities, as well as an equity commitment of up to $200 million from
Warburg Pincus for future development projects.
About Competitive Power Ventures
Established in 1999, Competitive Power Ventures is a North American
power industry development and asset management company. In addition to its
Silver Spring, Maryland headquarters, CPV has offices in Boston, San
Francisco and Denver. The company's development professionals have played
critical roles in the successful development of more than 30 power plants,
representing over 15,000 megawatts of currently operational power
generation capacity. CPV is majority owned by Warburg Pincus. For more
information please visit http://www.cpv.com.
About ArcLight Capital
ArcLight Capital Partners, LLC is one of the world's leading energy
infrastructure investing firms, with more than $4.6 billion under
management. ArcLight invests throughout the energy industry value chain in
hard assets that produce high current income and capital appreciation.
Founded in 2001, ArcLight has its headquarters in Boston and an office in
New York City. ArcLight has 27 investment professionals and is led by
Managing Partner Daniel R. Revers and Senior Partner Robb E. Turner. With a
combination of more than 200 years of energy investing, ArcLight's
principals have deep energy investing experience, industry relationships,
and asset level knowledge. More information about ArcLight can be found at
For More Information Contact:
Sean J. Finnerty
Sr. Vice President
Competitive Power Ventures, Inc.
SOURCE Competitive Power Ventures, Inc.