Silver Spring, MD, October 22, 2009 – CPV Renewable Energy Company (“CPV”) announced today that it has executed a 20?year power?purchase agreement with the Tennessee Valley Authority (“TVA”) for 200 MW from its Ashley wind energy project in McIntosh County, North Dakota.
Permitting has already begun and CPV will construct and operate the wind farm. The project is expected to start producing power in 2012. CPV Ashley was one of the first two renewable energy projects selected from more than 60 responses to a TVA request for proposals issued in December of last year.
“CPV is committed to continuing to grow our portfolio of renewable energy projects and help America build a bridge to a sustainable energy future,” said Sean Finnerty, CPV Sr. Vice President. “We are delighted to be partnering with TVA ? one of the leading energy companies in North America ? to generate more windpowered electricity. TVA’s leadership in advancing the growth of clean, renewable energy resources through projects such as Ashley is exemplary.”
This is the second power purchase agreement announced by CPV in the past month. In September, CPV and Oklahoma Gas & Electric Company agreed to a 152 MW power purchase agreement from CPV’s Keenan wind farm in northwest Oklahoma. That project is expected to be on?line in late 2010.
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. Led 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 CPV 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, 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, we have focused our 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 megawatts (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 photovoltaic projects across North America. Find out more at www.cpv.com.