CPV Maryland files for change in ownership structure

CPV Maryland LLC, which is developing a gas-fired power project in Maryland, on June 20 applied at the Federal Energy Regulatory Commission for a quick (by July 22) approval of an ownership change.

CPV Maryland requested authorization for: the acquisition of 25% of the equity interests in CPV Maryland by Toyota Tsusho St. Charles LLC, a direct, wholly owned subsidiary of Toyota Tsusho Power USA Inc.; and the acquisition of 50% of the equity interests in CPV Maryland by MC St. Charles LLC, an indirect, wholly owned subsidiary of Marubeni Corp., followed by a potential transfer of a portion of such interests to an indirect, wholly owned subsidiary of Marubeni.

CPV Maryland will construct, own and operate a 725 MW (nameplate), gas-fired power plant in Charles County, Md. CPV Maryland currently is owned: 50% by CPV Maryland Holding Co. LLC, which is 100% indirectly owned by Competitive Power Ventures Holdings LLC; and 50% by Diamond St. Charles LLC, which is wholly owned by Diamond Generating Corp., a wholly owned subsidiary of Mitsubishi Corporation (Americas) which, in turn, is a wholly owned subsidiary of Mitsubishi Corp.

This transaction will be done as follows:

  • Diamond St. Charles LLC will transfer its 50% equity interests in CPV Maryland to a newly-formed, indirect, wholly owned subsidiary of CPV (“Newco”);
  • Newco will simultaneously transfer the 50% equity interest in CPV Maryland to MC St. Charles;
  • CPV Maryland Holding will transfer 25% of its equity interests in CPV Maryland to Toyota Tsusho St. Charles; and
  • At a subsequent time, Marubeni Power may transfer a portion of its interest in MC St. Charles, which will hold a 50% interest in CPV Maryland, to another entity or entities, each of which is an indirect, wholly owned subsidiary of Marubeni.

After closing, CPV Maryland will be indirectly owned 25% by CPV, 25% by TT-USA, and 50% by MC St. Charles.

A company contact is: Robert Burke, General Counsel, Competitive Power Ventures Inc., 8403 Colesville Road, Suite 915, Silver Spring, MD 20910, Tel: (240) 723-2329, Fax: (240) 723-2339, rburke@cpv.com.

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.