OPC Energy Announces Closure of Acquisition of Competitive Power Ventures; Enters the Field of Renewable Energy in the United States
TEL AVIV, Israel, Jan. 25, 2021 /PRNewswire/ -- OPC Energy Ltd. (TASE: OPCE) ("OPC") today announced that its acquisition of Competitive Power Ventures (CPV) received regulatory approval and has closed. OPC, partnered with three Israeli institutional investors, agreed in October to acquire 100 percent of CPV from Global Infrastructure Partners (GIP), and now fully owns CPV's operating assets, development pipeline and asset management business. OPC plans to invest significant capital in CPV to expand its businesses and fund its future growth, focusing on renewable energy and highly efficient gas projects.
"We are excited to announce the completion of the CPV acquisition. The transaction puts OPC directly into the areas of green energy, and especially into the areas of solar energy and wind energy, which are part of CPV's significant growth engines" said Giora Almogy, CEO of OPC. "CPV has an outstanding footing in the industry and a driven, world class leadership team, which will continue to lead CPV — they are ideal partners. We look forward to the next phase of green and sustainable growth"
"This partnership with OPC will serve as a strong foundation from which CPV will pivot and grow in the new era of renewable and lower carbon emission energy generation in the U.S. as we strive toward a net-zero carbon economy in the coming decades," said CPV CEO Gary Lambert. "We are proud of what we have accomplished over the last five years with GIP, and we are thrilled to begin developing the future of the business with OPC."
Over the last 20 years, CPV has developed, sold, financed and acquired 14.8 GW of power generation with a focus on renewables and the world's most efficient gas-fired power generation plants, which have helped avoid over 18 million tons of CO2 emissions. These projects modernize and enhance the reliability of the power grid, reduce carbon emissions and represent a significant economic boost for neighboring communities. CPV's robust natural gas and renewable development pipelines will help drive the United States' transformation to a more environmentally responsible, economic, and reliable power system.
Morgan Stanley served as financial advisor to GIP, with Latham & Watkins LLP acting as lead transaction counsel. BLK and Macquarie Capital served as financial advisors to OPC, with Skadden Arps Slate Meagher & Flom LLP as lead transaction counsel.
About CPV
Competitive Power Ventures (CPV) 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, domestically available natural gas and renewable power technologies. Headquartered in Silver Spring, MD, with an office in Braintree, MA, the company has ownership interest in 5.5 GW of clean generation across the United States. The company's Asset Management division currently manages 7.9 GW of fossil and renewable generating facilities in nine states for 11 different owner groups. Our focus on Environmental, Social and Governance (ESG) and sustained track record of success have enabled us to grow into the number one thermal developer and one of North America's premier energy companies. For more information: www.cpv.com and follow CPV on Twitter and LinkedIn.
About OPC Energy
OPC Energy is the first private electricity company in Israel. The Company was incorporated in 2010 and is active in the field of power generation and supply, including development, construction, and operation of power plants, as well as power generation and supply to private customers and to Israel Electricity Corporation (IEC). The Company generates about 5% of the electricity consumption in Israel. For more information: www.opc-energy.com/en.
OPC Energy Media Contact:
Amir Eisenberg
+972-3-7538828
CPV Media Contact:
Tom Rumsey
+1 240-281-3724
SOURCE OPC Energy Ltd
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