In the News
- DECEMBER 5, 2005
CPV makes several hires for development and asset management push
December 05, 2005
CPV hires for asset management, development push Competitive Power Ventures has made several recent hires as part of an expansion of its development program and asset management business, following its appointment as asset manager of the 3.3 GW MACH Gen portfolio.
CPV, which was originally established as a developer in 1999, believes that also pursuing third-party asset management opportunities is a way to tap diversified and complementary revenues.
"We think [asset management] is a business that has legs for several years to come as financial players continue to see opportunities in the sector," Doug Egan, president and ceo, told SparkSpread in an interview Friday.
The Silver Lake, Md.-based outfit is also revamping its development program. CPV in July secured a $25 million wind development investment from ArcLight Energy Partners Fund II and plans to develop up to 1,000 MW of wind projects over the next four years.
As part of the push, CPV recently hired Victor Innes, a treasury analyst at Tyr Energy; Jack Breen, who previously held positions at GE Energy Financial Services and InterGen; and Jenna Gotiangco, who was responsible for the MACH Gen portfolio at the former PG&E's National Energy Group (NEG).
Innes, Breen and Gotiangco report to Dave Magill, V.p., who joined CPV in September to manage the asset management division. Magill, prior to a brief spell at AES, was responsible for M&A at the former NEG.
At the same time, CPV hired John Beach, a Northeast power trader who was previously at the former NEG, and is looking to hire a second trader/originator to help oversee the third-party energy managers CPV supervises.
CPV independently tracks the energy market from a small trading floor because it, rather then the third-party energy managers, decides whether a particular plant should run, and also to ensure its energy managers execute at market rates. "An asset manager who cuts a deal with an energy manager and then cuts them loose isn't doing their job," Egan says.
Aside from recently replacing LS Power as the asset manager for MACH Gen, CPV is also the asset manager for the Wolf Hollow power plant in Texas and the Milford plant in Connecticut.
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