CPV companies seek approval of sale of power plant interests

Several affiliates of Competitive Power Ventures applied March 31 at the Federal Energy Regulatory Commission for approval of a sale of power plant interests to affiliates of Global Infrastructure Management LLC.

CPV Maryland LLC, CPV Shore LLC, CPV Keenan II Renewable Energy Co. LLC, CPV Biomass Holdings LLC and Benson Power LLC requested authorization for the disposition of jurisdictional facilities that will result from a transaction that involves the transfer of indirect membership interests in these companies to GIP II CPV Holdings Partnership LP, GIP II CPV Holdings Partnership 2 LP, GIP II CPV Holdings Partnership 3 LP and GIP II CPV Holdings Partnership 4 LP. The GIP companies are controlled by independent funds organized as limited partnerships that invest in infrastructure assets around the world. Global Infrastructure Management (GIM) is the manager of those funds, and Global Infrastructure Management Participation LLC is the sole member of GIM. Global Infrastructure Management Participation is owned and controlled by senior management.

  • CPV Maryland is developing and will construct, own and operate a 725 MW (nameplate) combined cycle, gas-fired facility and limited interconnection facilities that will be interconnected with transmission facilities owned by Potomac Electric Power and operated by the PJM Interconnection.
  • CPV Shore is developing and will construct, own and operate a 725 MW (nameplate) combined cycle, gas-fired facility in New Jersey and limited interconnection facilities, that will be interconnected to transmission facilities owned by Jersey Central Power & Light and operated by PJM.
  • CPV Keenan II owns and operates a 151.8 MW (nameplate) wind facility that is interconnected with the transmission system owned by Oklahoma Gas and Electric and operated by the Southwest Power Pool.
  • CPV Biomass currently is the sole member of Benson Power but, at such time as Benson Power acquires a 64 MW (nameplate rating) poultry-litter and other biomass-fueled facility located in Benson, Minnesota, CPV Biomass will hold 100% of the controlling Class A interests in, and will become the managing member of, Benson Power. The facility is interconnected to the transmission system owned by Great River Energy and operated by the Midcontinent Independent System Operator.

Following this complex transaction, the GIP funds will indirectly hold: 25% of the ownership interests in CPV Maryland; 18.75% of the ownership interests in CPV Shore; 100% of the controlling Class B membership interest in CPV Keenan II; and 100% of the ownership interests in CPV Biomass, which will continue to hold ownership interest in Benson Power.

The parties asked FERC to issue an order granting the requested authorization by no later than May 4 to allow for a closing of the transaction as soon as possible thereafter.

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.