FERC approves sale of CPV Shore ownership interest

The Federal Energy Regulatory Commission on Dec. 12 approved an ownership change for CPV Shore LLC, which is developing a 725-MW, gas-fired power project in New Jersey.

On Oct. 29, CPV Shore filed an application requesting commission approval for the disposition of jurisdictional facilities. Specifically, Shore Co-Investment Holdings LLC will transfer certain indirect Class A membership interests, which are passive, in CPV Shore to John Hancock Life Insurance Co. (U.S.A.) or an affiliate thereof.

CPV Shore, an exempt wholesale generator with market-based rate authority, is developing and will construct, own, and operate a 725-MW combined-cycle generating facility to be located within the control area of PJM Interconnection. This project will be interconnected to transmission facilities owned by Jersey Central Power & Light and operated by PJM, in the PJM-East Submarket. The plant, called the CPV Woodbridge Energy Center, is expected to be in service in 2015.

CPV Shore is a direct subsidiary of CPV Shore Holdings LLC. CPV Shore Holdings is owned directly by CPV Shore Investment (18.75%), Toyota Tsusho Shore (31.25%), and Shore-Co Investment Holdings (50%). CPV Shore Investment is a wholly-owned indirect subsidiary of Competitive Power Ventures Holdings LLC. Toyota Tsusho Shore is a wholly-owned indirect subsidiary of Toyota Tsusho Corp. Shore Co-Investment Holdings is a wholly-owned indirect subsidiary of ArcLight Energy Partners Fund V LP.

Competitive Power Ventures, a developer, owner, and manager of natural gas-fired and renewable generation facilities throughout North America, solely manages CPV Shore.

Within the PJM control area, besides CPV Shore, CPV, Toyota Tsusho, and ArcLight Fund hold interests in other entities that own generation.

  • CPV holds a 50% indirect ownership interest in CPV Maryland LLC, which will construct, own, and operate a 725-MW, gas-fired combined-cycle facility to be located in Charles County, Md.
  • Toyota Tsusho holds a 60% indirect interest in Crescent Ridge LLC, owner and operator of an approximately 54-MW wind facility in Bureau County, Ill.
  • ArcLight Fund V, along with five other private energy equity investment funds  collectively referred to as the ArcLight Funds, is affiliated with: Panther Creek Power Operating LLC, lessee and operator of a 94-MW facility located in Nesquehoning, Pa.; Scrubgrass Generating Co. LP, owner of a 94.7-MW qualifying facility located in Kennerdell, Pa.; and Westwood Generation LLC, owner of a 36-MW facility located in Tremont, Pa.

John Hancock is a wholly-owned indirect subsidiary of Manulife Financial Corp., a Canadian-based financial services company. According to CPV Shore, neither John Hancock nor any of its affiliates is primarily engaged in any energy-related business activities, is a traditional franchised utility, or owns or operates energy facilities in the PJM control area. Affiliates of John Hancock own passive, non-managing interests in entities that are engaged directly or indirectly in electric generation, transmission, and other energy-related businesses.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.