WOODBRIDGE TOWNSHIP, N.J., Oct. 23, 2013 /PRNewswire/ -- At a marquee event that included New Jersey Governor Chris Christie and Woodbridge Mayor John McCormac, project co-owners Competitive Power Ventures ("CPV"), ArcLight Capital Partners and Toyota Tsusho Corp. broke ground to begin construction of the $845 million, 700-megawatt CPV Woodbridge Energy Center.
The CPV Woodbridge project will help turn the site of a former chemical plant into a state-of-the-art energy center. The project will generate enough electricity to power 700,000 homes, helping
New Jersey meet its energy demand while improving the state electric system's reliability and environmental profile. The project is expected to enter commercial operation as soon as the first quarter of 2016 and will be operated by an affiliate of co-owner ArcLight. CPV is managing the construction process.
"I'm proud to be here today in Woodbridge for the groundbreaking of this state-of-the-art facility that will contribute to New Jersey's environmental, economic and public health," said Governor Christie.
"This $845 million investment will bring cleaner, more efficient energy to our state and create nearly
500 construction jobs, as well as two dozen permanent jobs in the area. I congratulate and thank
Mayor McCormac and CPV for working together to bring this innovative project to our state."
"This vital energy infrastructure project would not have been a reality without the visionary leadership of New Jersey Governor Chris Christie, Senate President Stephen Sweeney and Woodbridge Township Mayor John McCormac," said Gary Lambert, CPV President. "Governor Christie's and the Legislature's initiative to bring new energy generation to New Jersey will benefit electricity consumers across the state for years to come. Mayor McCormac's championing of this project paved the way for significant local economic benefits including long-awaited public access to the Raritan River through a former brownfield site."
CPV Woodbridge will provide strong economic benefits to the community -- up to 500 skilled workers during construction, 25 full-time workers during operations, significant tax revenue and contributions to a broader initiative to create public access to the Raritan River.
CPV: Energizing North America's Future
Competitive Power Ventures, LLC (CPV) is dedicated to increasing America's sustainability; both economically and environmentally. Using domestically-available energy sources, like wind and natural gas, and partnering with host communities to support their tax base and school districts, CPV works to stabilize and improve local and state economies. CPV's corporate mission is built around a belief that progressive companies can be powerful agents of change for a better world and a cleaner environment. To this end, we have focused our core activities around developing and operating energy facilities that can make a significant difference in improving the environments and economic well-being of a region. Headquartered in Silver Spring, MD, with offices in Braintree, MA, and San Francisco, CA the company currently has 5,000 MW of conventional generation projects in various stages of development across North America. The company's Asset Management division has ramped up to more than 4,700MWs of natural gas generation and wind power under management. CPV Renewable Energy Company is currently developing 1,300 MWs of wind power projects across North America. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy.
About Toyota Tsusho Corporation
Toyota Tsusho is a general trading company that develops diversified businesses through 500 consolidated companies in Japan and overseas and with customers around the world, via a global network covering Japan and more than 60 countries worldwide. With various activities, the group provides products and services in a broad range of business domains that are essential to achieving the creation of a prosperous and fulfilling society. Toyota Tsusho is listed in the Tokyo Stock Exchange as well as in the Nagoya Stock Exchange. As recent transaction in North American power business, in 2010, Toyota Tsusho acquired a 45 percent interest in the Oyster Creek natural gas fired cogeneration plant in Freeport, Texas. In 2011, it increased to 50 percent its holdings in Goreway natural gas fired power plant in Ontario, Canada. Toyota Tsusho intends to continue enhancing its overseas power generation business by seeking investments in projects that provide long-term and stable revenue promote energy-efficient power, and are environmentally friendly.
ArcLight Capital Partners, LLC
ArcLight Capital Partners, LLC is an energy-focused private equity investment firm, having invested over $10 billion since its inception over a decade ago. Since its establishment in 2001, the firm has raised five funds with cumulative capital commitments totaling $10.1 billion. ArcLight has successfully sourced, managed and realized investments through multiple energy industry cycles. The firm's investment team has extensive energy expertise, investing experience, industry relationships and specialized asset level value creation capabilities. ArcLight is headquartered in Boston, MA, with offices in New York and Luxembourg. More information can be found at www.arclightcapital.com.
SOURCE Competitive Power Ventures