SILVER SPRING, Md., May 28, 2015 /PRNewswire/ -- Competitive Power Ventures, Inc. ("CPV") announced today that Global Infrastructure Partners ("GIP") has completed the purchase of CPV's principal assets including the operating company. GIP intends to fund CPV's next round of corporate growth including constructing the Valley and Towantic projects as well as providing funding for CPV's ongoing project development activity. This investment in CPV complements GIP's existing power generation investments in the Americas and continental Europe.
GIP succeeds Warburg Pincus as the principal owner of CPV. J.P. Morgan served as CPV's financial advisor to this process.
"CPV is an energy company committed to making this country a better place economically, environmentally and from an energy standpoint," said CEO Doug Egan. "We are very pleased that GIP understands the value of this approach and supports it with their outstanding sector expertise, financial strength and insight."
"This transaction gives CPV access to significant capital to invest in infrastructure at a time when this country is making major changes to the power system," said CPV president, Gary Lambert. "GIP's funding, combined with CPV's proven development and asset management expertise is a potent combination to fuel growth as one of the premier generating companies in the U.S."
CPV has advanced steadily over the years, despite a very challenging business environment brought on by the economic recession and limited electricity demand growth. Notwithstanding these challenges, CPV has excelled through a highly-focused strategy of anticipating market demands, working actively on policy on behalf of consumers, and interacting closely with host communities to advance projects.
Within the past two years, the company has permitted and financed the CPV Woodbridge Energy Center (725 MW) in central New Jersey and the CPV St. Charles Energy Center (725 MW) in Southern Maryland, both of which are now in construction.
Recently, CPV obtained all of its permits on its CPV Valley Energy Center (720 MW) in Orange County, New York and expects to commence construction in the third quarter of 2015. In New England, the Connecticut Siting Council in May 2015 approved the CPV Towantic Energy Center (785-MW nameplate capacity). CPV expects to commence construction during late 2015. These significant projects follow a series of successful utility scale wind farms previously developed by CPV. CPV also has several projects in the development pipeline and expects to announce its next round of projects in the coming year.
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, Houston, TX and San Francisco, CA the company currently has 6,000 MW of conventional generation projects in various stages of development across North America. The company's Asset Management division has more than 7,550 MW of natural gas generation and wind power under management. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy
About Global Infrastructure Partners
Global Infrastructure Partners ("GIP") is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses in both OECD and select emerging market countries. GIP targets investments in single assets and portfolios of assets and companies in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York and London, with an affiliate in Sydney and portfolio company operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.
SOURCE Competitive Power Ventures, Inc.