Silver Spring, MD, January 14, 2010 – CPV Renewable Energy Company (“CPV REC”) announced today that it has executed a 20?year power?purchase agreement with the Tennessee Valley Authority (“TVA”) for 165 MW from its Cimarron wind energy project in Gray County, Kansas.
The Cimarron project has already received local approvals and will complete permitting in 2010. CPV will construct and operate the wind farm which is expected to start producing power in 2011. CPV Cimarron was one of the renewable energy projects selected from more than 60 responses to a TVA request for proposals issued in December of last year. This is the second long?term power purchase agreement CPV REC has entered into with TVA and the third long?term agreement CPV REC has announced recently.
“CPV is working to help energize America’s future,” said Sean Finnerty, CPV Sr. Vice President. “CPV and TVA have again teamed up to advance the growth of clean, renewable energy resources as part of a bridge to a sustainable energy future. TVA’s bold leadership in choosing environmentally clean sources of electricity to meet their generation needs is to be commended.”
CPV REC has executed over 500 MW of long?term power purchase agreements in the last several months. In October, CPV REC and TVA announced a 200 MW power purchase agreement from CPV REC’s Ashley wind farm in North Dakota. In September, CPV and Oklahoma Gas & Electric Company agreed to a 152 MW power purchase agreement from CPV’s Keenan wind farm in Oklahoma. CPV REC has wind farms scheduled to enter commercial operation in each of 2010, 2011, and 2012.
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 with 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 by using domestically-available energy sources, like wind and natural gas. 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 4,300MWs 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.