Silver Spring, MD, September 29, 2009 – CPV Renewable Energy Company (CPV REC) announced today that it has executed a 20?year power?purchase agreement with Oklahoma Gas & Electric Company (“OG&E”) for its 152 MW Keenan II wind energy project in Woodward County, Oklahoma.
CPV REC’s project was one of three selected from more than 50 responses to an OG&E request for proposals. Contingent upon approval by the Oklahoma Corporation Commission, CPV REC will construct and operate the Keenan II wind farm with its entire output dedicated to OG&E. The project is expected to start generating electricity in 2010.
“We are delighted to be helping OG&E bring more renewable power to the citizens of Oklahoma,” said Sean Finnerty, CPV REC Sr. Vice President. “Keenan II is an exceptional wind energy project that will provide economic benefits to Woodward County – the new center of wind power in Oklahoma ?and environmental benefits to OG&E customers for many years to come.”
This represents the second project agreement between CPV REC and OG&E. Last year, the companies announced that OG&E would acquire a 101 MW wind project from CPV REC which OG&E named, “OU Spirit.” OU Spirit began construction this past spring and is expected to be on?line delivering electricity by the end of 2009.
“As a native of Oklahoma, I am pleased to see these companies working to bring clean, reliable wind power to the citizens of the state”, said Denise Bode, CEO of the American Wind Energy Association and former Chairwoman of the Oklahoma Corporation Commission. “Wind power creates good jobs and new sources of income for local communities, and helps protect consumers against fuel price increases.
CPV Renewable Energy Company, an affiliate of Competitive Power Ventures, Inc., is advancing a broad portfolio of wind and photovoltaic power generation across North America. Lead by a blue chip management team and the financial backing of the investment fund Warburg Pincus, CPV REC is fast becoming a leader in the development of renewable energy.
For more information about the project and Competitive Power Ventures please go to www.cpv.com.
CPV: Energizing America’s Future
Competitive Power Ventures, LLC (CPV) is dedicated to increasing America’s sustainability, both economically and environmentally. Using domestically-available energy sources, like wind and natural gas, and partnering with host communities to support their tax base and school districts, CPV works to stabilize and improve local and state economies. CPV’s corporate mission is built around a belief that progressive companies can be powerful agents of change for a better world and a cleaner environment. To this end, CPV has focused its core activities around developing and operating energy facilities that can make a significant difference in improving the environments and economic well-being of a region.
Headquartered in Silver Spring, MD, with offices in Braintree, MA and San Francisco, CA the company currently has nearly 5,000 (MWs) of conventional generation projects in various stages of development across North America. The company’s Asset Management division has more than 4,500MWs of natural gas generation under management and is currently expanding its expertise into ethanol plant management. CPV Renewable Energy Company (CPV REC) is currently developing 5,000 MWs of wind power and solar power projects across North America. Find out more at www.cpv.com.