Competitive Power Ventures, ArcLight Capital Partners and Toyota Tsusho Corp. on Oct. 23 broke ground on the $845m, 700-MW 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 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 Capital Partners. 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 New Jersey Gov. Chris 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.”
“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.”
Headquartered in Silver Spring, Md., with offices in Braintree, Mass, and San Francisco, CPV 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 4,700 MWs of natural gas generation and wind power under management. CPV Renewable Energy is currently developing 1,300 MWs of wind power projects across North America.
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.
ArcLight Capital Partners 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.