SILVER SPRING, MD - April 11, 2007 - Competitive Power Ventures, Inc. ("CPV") today announced that it has reached agreement for the sale of CPV Wind Ventures, LLC ("CPV Wind") to Iberdrola Renewable Energies USA, Ltd. ("Iberdrola"). The transaction includes the sale of all interests in CPV Wind to Iberdrola and is expected to close by early May.
Founded in 2005, CPV Wind is a joint venture of CPV and affiliates of ArcLight Capital Partners. CPV Wind has developed a diverse portfolio of projects totaling 3,500 MW across 15 states. It also has a contract for a large block of General Electric wind turbines to support the development portfolio.
"CPV Wind's sale to Iberdrola - an established leader in the wind generation industry - will ensure these projects are commercially competitive and help meet this nation's goal of increasing the supply of clean, renewable electric generation," said Doug Egan, CPV Chairman and Chief Executive Officer. "CPV has always been and will continue to be committed to developing environmentally superior sources of electric generation, including wind, to ensure an adequate supply of electricity."
"Through the tremendous efforts of the CPV and ArcLight teams, CPV Wind has been built into one of the leading wind development companies in the country. The strong management team of CPV and the successful development of the portfolio was key to our attracting the attention of the world leader in renewable energies generation and helped to facilitate this transaction." said Dan Revers, Managing Partner of ArcLight Capital.
Over the past eighteen months CPV Wind has seen significant expansion through both greenfield development and acquisition.
The sale of CPV Wind to Iberdrola pairs the project portfolio with a leading owner and operator of wind generation worldwide. It is expected that commercial operation of the projects will start as soon as 2008. CPV Wind was represented in this transaction by Marathon Capital. The sale of CPV Wind is the fourth major transaction by CPV in recent months. CPV previously announced its selection to supply over 1,100 MW of new, clean and efficient natural gas fuel generation to two California utilities, as well as an equity commitment of up to $200 million from Warburg Pincus for future development projects.
About Competitive Power Ventures
Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company. In addition to its Silver Spring, Maryland headquarters, CPV has offices in Boston, San Francisco and Denver. The company's development professionals have played critical roles in the successful development of more than 30 power plants, representing over 15,000 megawatts of currently operational power generation capacity. CPV is majority owned by Warburg Pincus. For more information please visit www.cpv.com.
About ArcLight Capital
ArcLight Capital Partners, LLC is one of the world's leading energy infrastructure investing firms, with more than $4.6 billion under management. ArcLight invests throughout the energy industry value chain in hard assets that produce high current income and capital appreciation. Founded in 2001, ArcLight has its headquarters in Boston and an office in New York City. ArcLight has 27 investment professionals and is led by Managing Partner Daniel R. Revers and Senior Partner Robb E. Turner. With a combination of more than 200 years of energy investing, ArcLight's principals have deep energy investing experience, industry relationships, and asset level knowledge.
More information about ArcLight can be found at www.arclightcapital.com