SILVER SPRING, MD: CPV Wind Ventures, LLC ("CPV Wind") today announced that it has reached an agreement with ArcLight Energy Partners Fund II, L.P. ("ArcLight") to obtain funding to support the development of new wind generation projects. CPV Wind is a privately held company and a subsidiary of Competitive Power Ventures based in Silver Spring, Maryland that focuses on developing wind energy projects in the continental United States and Canada.
Under terms of the investment, ArcLight will invest up to $25 million in CPV Wind to support development of new wind generation projects in select markets. CPV Wind expects to complete development and commence construction of 500 to 1,000 MWs of projects over the next four years. The first projects under development are slated for construction in 2007.
CPV Wind currently has projects underway in the Mid-Atlantic and Mid-West markets. The Company handles all aspects of development, including market analysis, site selection, wind resource data collection, equipment selection, contracting, permitting, electrical interconnection, financial closing, construction oversight and asset management. While focused on opportunities to initiate new projects to meet the growing demand for renewable power in the United States, CPV Wind will also look for opportunities to acquire or partner in partially developed projects that require assistance to complete development, financing and commencement of construction.
"CPV Wind is delighted with our new relationship with ArcLight. We see an alignment of our strategic interests in wind and believe the development expertise of CPV Wind and the financial expertise of ArcLight are well suited to achieving a common success," said CPV Wind President and Chief Executive Officer Doug Egan. "CPV Wind is committed to the efficient and successful development of clean energy assets that are financially strong enough to deserve a place in the nation's generation portfolio and with ArcLight's support we now have the resources to achieve that objective."
"ArcLight is excited to be partnering with Competitive Power Ventures to facilitate further development of wind generation projects. CPV Wind will provide attractive long-term equity in0estments for our fund as well as numerous partnering opportunities with established strategic players." said Dan Revers, Managing Partner of ArcLight.
Established in April 2001, ArcLight Capital Partners, LLC is one of the leading private investment firms focused exclusively on the electric power and energy sector with over $2.5 billion under management. ArcLight is headquartered in Boston Massachusetts with offices in New York City.
Competitive Power Ventures is a North American power industry development and asset management company. Founded in 1999, CPV is headquartered in Silver Spring, Maryland and has an office in Braintree, Massachusetts. CPV manages and develops natural gas fired projects throughout the U.S, but sees continued strong demand for renewable energy and other innovative power generation projects in the country for the foreseeable future.