Global Infrastructure Partners completes purchase of CPV

Maryland-based Competitive Power Ventures (CPV) has been purchased by Global Infrastructure Partners, CPV said early May 28.

Global Infrastructure Partners (GIP) has completed the purchase of CPV’s principal assets including the operating company, CPV said in a news release. GIP had first announced its intent to invest in CPV back in March. At that time, GIP has said that CPV’s current management team will continue to lead the company.

The sales price is not being released.

The Federal Energy Regulatory Commission (FERC) has already approved ownership changes for a number of CPV companies. GIP and CPV have also sought approvals from the New York State Public Service Commission.

GIP intends to fund CPV’s next round of corporate growth including constructing the 720-MW CPV Valley in Orange County, N.Y., the and the 785-MW Towantic plant in New Haven County, Conn. GIF also plans to provide funding for CPV’s ongoing project development activity.

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 in 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. 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.

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 is a North American electric power generation development and asset management company headquartered in Silver Spring, Md., with offices in Braintree, Mass., Houston, Texas, and San Francisco, Calif.

CPV has more than 8,300 MW of natural gas generating facilities currently in various stages of development, 1,400 MWs under construction and 800 MW in operation across North America.

Global Infrastructure Partners (GIP) is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses. 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, Conn.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.