Press Releases


  • DECEMBER 23, 2016
    CPV Towantic Energy Center Selected by Power Finance International as Americas Power Deal of the Year for 2016

    ‐ Announcement Marks CPV’s Third Award from Power Finance International in Five Years ‐

    Braintree, MA —Braintree, MA ‐ The CPV Towantic Energy Center (“CPV Towantic”) was recognized for its broadly received creative financing approach with an award just announced by Power Finance International (“PFI”) for the Americas Power Deal of the Year for 2016.

    The PFI awards are presented annually to energy companies across the globe who demonstrate industry excellence in various categories. This is CPV’s third such award from PFI in five years. In 2011, PFI recognized the financing of CPV Sentinel in Southern California as the “Americas Power Deal of the Year,” and in 2014 PFI awarded CPV St. Charles Energy Center in Maryland “North America Power Deal of the Year.”

    In announcing the award, PFI cited CPV Towantic’s sponsors’ strong working relationships with the project finance community; geographic diversification; a 7‐year capacity commitment with ISO‐New England; flexibility in financing post‐capacity commitment; and a rapidly de‐levered capital structure as the key elements that made this financing successful.

    “We are extremely proud of CPV for continuing to lead the U.S. energy project finance market,” said CPV CFO Paul Buckovich. “These awards recognize what we at CPV already know, that the CPV team, and its group of ‘goto’ banks are unparalleled in the energy industry today.”

    The CPV Towantic financing, led by MUFG Union Bank, N.A., Credit Agricole Corporate and Investment Bank, and CIT Bank, N.A., was arranged with a total of sixteen lenders participating in the financing. The consortium of lenders was comprised of long‐standing CPV relationship‐based lenders as well as a few lenders for whom CPV Towantic represented their first investment in the U.S. power generation markets.

    “We are very pleased to partner with CPV in the CPV Towantic Energy Center project, and appreciate the project recognition by PFI,” said Tim Howell, who leads the Power & Development team at GE Energy Financial Services. “We have a long history of working with the CPV team to co‐develop and construct attractive projects which use GE’s latest power generation technology.”


    Additional information about the awards and other recipients can be found at www.pfiawards.com.

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    CPV Towantic Energy Center

    Located on a secluded 26-acre site in the Woodruff Hill Industrial Park in Oxford, Connecticut, the state-of-the-art CPV Towantic Energy Center will use clean natural gas to create electricity to power over 750,000 Connecticut homes. The facility will employ dry-cooling and the most advanced natural gas turbine and environmental control technology. It will be one of the cleanest conventional electric generating projects in the world when it comes on-line in 2018. For more: www.cpvtowantic.com.

  • UPDATED - NOVEMBER 22, 2016
    Competitive Power Ventures Issues official Corporate Statement Regarding the United States Attorney's Office for the Southern District of New York Announcement

    - Competitive Power Ventures' Official Corporate Statement

    Braintree, MA — Competitive Power Ventures ("CPV") today issued the following statement relating to charges announced by the United States Attorney's Office for the Southern District of New York ("USAO").

    "CPV takes the indictment of Mr. Kelly extremely seriously. We do not condone his alleged conduct, which is inconsistent with who we are as a company. We will continue our work in accordance with the high level of excellence our communities and partners have come to expect of us. We will also continue to cooperate with the ongoing investigation."


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    CPV: Energizing North America’s Future

    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, 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 over 3,600 MW of conventional generation projects in various stages of development across North America. The company’s Asset Management division has ramped up to more than 4,800 MWs of natural gas generation and wind power under management.  In addition, CPV Renewable Energy Company is currently developing multiple wind power projects across North America. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy.

    CONTACT:

    Tom Rumsey
    Vice President - External Affairs
    CPV
    (518) 883-1262
    trumsey@cpv.com

  • NOVEMBER 9, 2016
    Oxford Volunteer Fire Department Practices High-Angle Rescue Drills at CPV Towantic Energy Center

    - -Exercise Demonstrates Close Coordination Between Energy Project and First Responders-

    Oxford, CT —CPV Towantic Energy Center hosted the local Oxford Volunteer Fire Department for a visit to the energy project site on Saturday, November 5, 2016 to practice the life-saving high-angle rescue drill, a technique used to rescue injured or otherwise incapacitated persons at high-degree slopes.

    The fire department successfully performed a total of three practice rescues, two using an on-site crane and one using their ladder truck that was purchased with funds contributed to the town by the energy project in 2007. The rescue scenario consisted of a worker being injured on the steam turbine table top, approximately 40 feet above the ground. Photos were taken of the drills for use as future training aids for the fire department.

    “We appreciate the Oxford Volunteer Fire Department’s commitment to working closely with the CPV Towantic Energy Center team and look forward to our continued work together to ensure the highest levels of safety for everyone who works and lives near this state-of-the-art facility,” said Colin Kelly, CPV Towantic Asset Manager Representative.

    “This was a very productive exercise not only for our department, but for the strong relationship we’ve built with the CPV Towantic Energy Center project team,” said Scott J. Pelletier, Fire Chief of the Oxford Volunteer Fire Department. “This kind of on-site training is invaluable for ensuring our staff is properly trained to ensure safety in any potential situation.”

    The Oxford Volunteer Fire Department expressed appreciation for the use of the site and joined CPV Towantic Energy Center staff for lunch after completing the exercise.
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    CPV Towantic Energy Center

    Located on a secluded 26-acre site in the Woodruff Hill Industrial Park in Oxford, Connecticut, the state-of-the-art CPV Towantic Energy Center will use clean natural gas to create electricity to power over 750,000 Connecticut homes. The facility will employ dry-cooling and the most advanced natural gas turbine and environmental control technology. It will be one of the cleanest conventional electric generating projects in the world when it comes on-line in 2018. For more: www.cpvtowantic.com.

  • NOVEMBER 1, 2016
    CPV Towantic Energy Center Workers Raise $2,800 for Local Breast Cancer Awareness Campaign

    - Oxford First Selectman George Temple Agrees to Dousing Challenge -

    Oxford, CT —Workers from the CPV Towantic Energy Center and Gemma Power Systems (“Gemma”) of Glastonbury, CT joined forces to raise $2,800 through a raffle at the project site which culminated in Oxford First Selectman, George Temple being doused by cold water on the same day Connecticut experienced its first snow of the season.

    The First Selectman also showed up at the CPV Towantic Energy Center project site 7:00 a.m. Monday morning to draw the winning tickets in the raffles that raised the funds. Prizes included a 40-inch HD television, GoPro, and an iPad which were donated by Competitive Power Ventures (“CPV”). Donations collected from the workers totaled $1,800, Gemma Power Systems added $1,000 to the pot to reach the $2,800 total. As a bonus Mr. Harmon Rone of Paganelli Construction, a sub to Gemma, won the 40-inch TV and generously donated it to the Oxford Library.

    “CPV commends First Selectman Temple for his leadership and good humor encouraging support for this important cause and we are delighted to join this initiative,” said Gary Lambert, President and CEO of Competitive Power Ventures (“CPV”). “Community engagement and involvement where we operate is as core to CPV's mission as is generating clean, reliable power.”

    October is Breast Cancer Awareness Month. According to the National Breast Cancer Foundation, one in eight women will be diagnosed with breast cancer in their lifetime. Breast cancer is the most commonly diagnosed cancer in women, but with help such as this recent fundraiser, there are over 2.8 million breast cancer survivors in the United States today.

    More photos of the event can be seen here: http://www.cpvtowantic.com/photo_gallery.html

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    CPV Towantic Energy Center

    Located on a secluded 26-acre site in the Woodruff Hill Industrial Park in Oxford, Connecticut, the state-of-the-art CPV Towantic Energy Center will use clean natural gas to create electricity to power over 750,000 Connecticut homes. The facility will employ dry-cooling and the most advanced natural gas turbine and environmental control technology. It will be one of the cleanest conventional electric generating projects in the world when it comes on-line in 2018. For more: www.cpvtowantic.com.

  • MARCH 11, 2016
    Competitive Power Ventures and GE Energy Financial Services Close Financing on 785MW CPV Towantic Energy Center in Oxford, Connecticut

    - Competitive Power Ventures and GE Energy Financial Services Close Financing on 785MW CPV Towantic Energy Center in Oxford, Connecticut

    - • New, privately-financed, combined-cycle electric generating facility in Woodruff Hill Industrial Park to fuel job creation, economic progress and environmental improvement for CT
    • CPV Towantic has obtained permits to be powered by GE’s High Efficiency HA Technology operating on natural gas to generate the equivalent power needed to supply nearly 800,000 US homes
    -


    Braintree, MA — Competitive Power Ventures (“CPV”) and GE unit (NYSE: GE) GE Energy Financial Services announced today they have closed financing on the 785 megawatt (“MW”) CPV Towantic Energy Center (“CPV Towantic”) in the Western Connecticut town of Oxford. This is CPV’s second successful project financing since being acquired by Global Infrastructure Partners in May 2015.

    The approximate $753 million debt financing, led by MUFG Union Bank, N.A., Credit Agricole Corporate and Investment Bank, and CIT Bank, N.A., was arranged with a total of sixteen lenders participating in the financing. The consortium of lenders is comprised of long-standing CPV relationship-based lenders as well as a few lenders for whom CPV Towantic represents their first investment in the U.S. power generation markets.

    “We are grateful to the Malloy administration, the many Connecticut agencies involved and the scores of staff for all their hard work in reviewing and approving the CPV Towantic project,” said Gary Lambert, CPV President and CEO. “We’d also like to express our deep appreciation to our many supporters and the government of the Town of Oxford and neighboring towns that supported the project over the years for their input and hard work.”

    Paul Buckovich, CPV’s Chief Financial Officer, noted, “The depth and breadth of support from the project finance lending community is a testament to CPV Towantic’s strong sponsorship by Global Infrastructure Partners and GE Energy Financial Services, its appropriately structured credit profile anchored by a seven-year capacity commitment with ISO-New England, and CPV’s proven track record of successfully developing highly efficient, advanced technology-based power generation facilities to meet market needs.”

    David Nason, President & CEO of GE Energy Financial Services, added, “CPV Towantic represents a significant investment alongside a valued partner and is permitted to introduce GE’s advanced, high efficiency HA power generation technology to the New England region.”

    CPV Towantic has obtained permits to be powered by two of GE’s 7HA heavy-duty gas turbines with a steam turbine and associated generators. The 785-MW combined cycle plant will be able to provide the equivalent power needed to supply approximately 800,000 US homes. GE’s 7HA technology is the world’s largest, most efficient 60 Hz gas turbine. It provides the high power density, fuel flexibility, lower emissions and fast ramping to complement the intermittent nature of renewable energy. The plant will be fueled by natural gas from the Algonquin Interstate Pipeline and will utilize ultra-low sulfur distillate as a backup fuel. Electrical interconnection will be at Connecticut Light & Power’s 115kV circuit between Baldwin Junction and Beacon Falls. Gemma Power Systems was selected as the Engineering Procurement and Construction contractor that will oversee construction of the project.

    CPV Towantic was originally approved by the Connecticut Siting Council in 1999 as a 512 MW project, but was not built due to market conditions. CPV entered into a partnership with GE Energy Financial Services in 2012 to advance the project and its competitiveness in the marketplace. In 2014, New England’s grid operator (ISO-New England) announced the retirement of approximately ten percent of the region’s total electric generating capacity. With more expected in the years to come CPV Towantic is ideally-suited to help meet this growing need.

    CPV Towantic represents one of the largest private-sector infrastructure projects in the state. A study by the University of Connecticut’s Connecticut Center for Economic Analysis (CCEA) projects construction and operation of CPV Towantic will generate more than $7.9 billion in new personal income for Connecticut residents over the next 25 years and will create, at its peak in the construction phase, more than 2,300 positions. During its operating life, CCEA projects CPV Towantic will generate approximately 1,800 new jobs, a measurable increase of approximately 0.1 percent in Connecticut’s total employment.

    “This is a great project and we are proud to be a part of it,” said Dave Roche, President of the Connecticut State Building Trades Council. “CPV is an excellent partner to labor on this and many other projects across the U.S.” 

    ###

    CPV Towantic Energy Center
    Located on a secluded 26-acre site in the Woodruff Hill Industrial Park in Oxford, Connecticut, the state-of-the-art CPV Towantic Energy Center will use clean natural gas to create electricity to power over 750,000 Connecticut homes. The facility will employ dry-cooling and the most advanced natural gas turbine and environmental control technology. It will be one of the cleanest conventional electric generating projects in the world when it comes on-line in 2018. Find out more at: www.cpvtowantic.com.

    CPV: Energizing North America’s Future

    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, 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 over 6,700 MW of conventional generation projects in various stages of development across North America. The company’s Asset Management division has ramped up to more than 4,000 MWs of natural gas generation and wind power under management.  In addition, CPV Renewable Energy Company is currently developing multiple wind power projects across North America. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy.

    About GE
    GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com.

    About GE Energy Financial Services

    GE Energy Financial Services-GE's energy investing business-works as a builder, not just a banker, to help meet the world's power and fuel needs. We offer more than money-expertise for essential, long-lived and capital-intensive power, oil and gas infrastructure-GE's core business. Drawing on GE's energy technical know-how, financial strength and risk management, we see value where others don't and take on our customers' toughest challenges with flexible equity and debt transaction structures. More Information:www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter:@GEEnergyFinServ.

    About GE Power
    GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world’s largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.

    For more information, visit the company's website at www.gepower.com and http://powergen.gepower.com. Follow GE Power and GE Gas Power Systems on Twitter @GE_Power and @GE_GasPower. .

    CONTACTS:

    Braith Kelly
    CPV
    +1 860-546-2008
    bkelly@cpv.com

  • JUNE 12, 2015
    Former NYISO Senior VP Tom Rumsey Joins Competitive Power Ventures

    Former NYISO Senior VP Tom Rumsey Joins Competitive Power Ventures
    - Experienced Energy Executive Will Help Lead CPV’s Development Expansion Initiative -

    August 11, 2015 — Braintree, MA – Competitive Power Ventures (“CPV”) announced today it has hired former New York Independent System Operator (“NYISO”) senior vice president of External & Regulatory affairs, Thomas Rumsey, to help drive the company’s aggressive expansion plans across North America.

    Rumsey joins CPV after more than five years leading the New York electric grid operator’s external affairs activities and 10 years of successful public affairs experience with General Electric Corporate, Nuclear, and Power and Water divisions.

    In his new position as VP External Affairs, Rumsey will be responsible for helping develop and advocate for policy that supports the maturing industry and continued growth of the company as the leading North American electric power development  and asset management company. CPV was recently acquired by Global Infrastructure Partners (GIP) after a string of development successes. GIP has ambitious goals for expanding CPV’s development activities and footprint across North America.  
      
     “Tom brings a wealth of successful experience on both from the commercial and technical side while working for GE as well as the wholesale market and policy side of the energy industry with the NYISO,” said Gary Lambert, CPV President. “This potent combination that Tom brings to our team will be integral to achieving our ambitious expansion goals over the next few years.”   
    During Rumsey’s tenure at the NYISO he was instrumental in helping advance a number of key policy initiatives including the new Federal Energy Regulatory Commission-approved lower Hudson Capacity Zone intended to maintain electric reliability in that part of the state. He also spearheaded a number of key initiatives for GE, some of which were adopted as GE “Best Practices.”

    Rumsey retired as a Lieutenant Colonel from the U.S. Army in 2013 after a career as an aviation officer.  During his career he commanded elite armed reconnaissance helicopter units and deployed to Afghanistan with 3rd Special Forces Group in 2003. He holds a BS in Aeronautical Studies from the University of North Dakota, and MBA from the University of Maryland College Park and attended the Harvard Business School General Management Program in 2014.
    # # #

    CPV: Energizing North 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, 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, Houston, TX and San Francisco, CA the company currently has 6,000 MW of conventional generation projects in various stages of development across North America. The company’s Asset Management division has more than 7,550 MW of natural gas generation and wind power under management. Find out more at www.cpv.com.  Follow CPV on Twitter: @CPVEnergy.

    About Global Infrastructure Partners
    Global Infrastructure Partners ("GIP") is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses in both OECD and select emerging market countries. GIP targets investments in single assets and portfolios of assets and companies in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York and London, with an affiliate in Sydney and portfolio company operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.

    MEDIA CONTACTS:

    Braith Kelly
    CPV
    860-546-2008

  • MAY 28, 2015
    Competitive Power Ventures Closes Investment Transaction with Global Infrastructure Partners

    Competitive Power Ventures Closes Investment Transaction with Global Infrastructure Partners
    - Clean Energy Company Strategically Positioned for Upcoming Market Changes -

    May 28, 2015 — Competitive Power Ventures, Inc. (“CPV”) announced today that Global Infrastructure Partners (“GIP”) has completed the purchase of CPV’s principal assets including the operating company. GIP intends to fund CPV’s next round of corporate growth including constructing the Valley and Towantic projects as well as providing funding for CPV’s ongoing project development activity. This investment in CPV complements GIP’s existing power generation investments in the Americas and continental Europe.

    GIP succeeds Warburg Pincus as the principal owner of CPV. J.P. Morgan served as CPV’s financial advisor to this process.

    “CPV is an energy company committed to making this country a better place economically, environmentally and from an energy standpoint,” said CEO Doug Egan. “We are very pleased that GIP understands the value of this approach and supports it with their outstanding sector expertise, financial strength and insight.”

    “This transaction gives CPV access to significant capital to invest in infrastructure at a time when this country is making major changes to the power system,” said CPV president, Gary Lambert. “GIP’s funding, combined with CPV’s proven development and asset management expertise is a potent combination to fuel growth as one of the premier generating companies in the U.S.”

    CPV has advanced steadily over the years, despite a very challenging business environment brought on by the economic recession and limited electricity demand growth. Notwithstanding these challenges, CPV has excelled through a highly-focused strategy of anticipating market demands, working actively on policy on behalf of consumers, and interacting closely with host communities to advance projects.

    Within the past two years, the company has permitted and financed the CPV Woodbridge Energy Center (725 MW) in central New Jersey and the CPV St. Charles Energy Center (725 MW) in Southern Maryland, both of which are now in construction.

    Recently, CPV obtained all of its permits on its CPV Valley Energy Center (720 MW) in Orange County, New York and expects to commence construction in the third quarter of 2015. In New England, the Connecticut Siting Council in May 2015 approved the CPV Towantic Energy Center (785-MW nameplate capacity). CPV expects to commence construction during late 2015. These significant projects follow a series of successful utility scale wind farms previously developed by CPV. CPV also has several projects in the development pipeline and expects to announce its next round of projects in the coming year.
    # # #

    CPV: Energizing North America’s Future
    Competitive Power Ventures, Inc. (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, 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, Houston, TX and San Francisco, CA the company currently has 6,000 MW of conventional generation projects in various stages of development across North America. The company’s Asset Management division has more than 7,550 MW of natural gas generation and wind power under management. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy

    About Global Infrastructure Partners
    Global Infrastructure Partners ("GIP") is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses in both OECD and select emerging market countries. GIP targets investments in single assets and portfolios of assets and companies in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York and London, with an affiliate in Sydney and portfolio company operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.

    MEDIA CONTACTS:

    Braith Kelly
    CPV
    +1 860-546-2008

  • MARCH 27, 2015
    Competitive Power Ventures Announces Investment by Global Infrastructure Partners to Fuel Continued Corporate Growth

    Competitive Power Ventures Announces Investment by Global Infrastructure Partners to Fuel Continued Corporate Growth
    - New Sponsor Opens More Opportunities for Advancing Energy Company -

    March 27, 2015 — Competitive Power Ventures, Inc. (“CPV”) today announced that it has entered into an agreement with Global Infrastructure Partners (“GIP”) under which GIP will acquire the majority of CPV’s business and invest additional capital to fund the high-performing clean energy company’s next phase of growth. Closing of this transaction is expected to occur during the second quarter of 2015.

    With this transaction, GIP will succeed Warburg Pincus as principal owner of CPV. Warburg Pincus funded CPV’s activities, helping CPV CEO Doug Egan and President Gary Lambert to establish and grow the CPV platform. J.P. Morgan served as CPV’s financial advisor to this process.

    “We are very excited by the opportunities created by GIP’s investment. These past five years CPV has experienced accelerating growth and we look forward to making the next five years even more dynamic,” said Doug Egan. “At the same time we are grateful to Warburg Pincus for their confidence in us, and all they’ve done to help get us to this point.”

    “This transaction gives CPV access to significant capital to invest in infrastructure, which aligns with our long term strategy of continuing our successful track record of large-scale development while adding scale as an owner-operator of generation assets and expanding the breadth of CPV’s asset management services,” said Gary Lambert. “This deal positions us perfectly for our next phase of growth.”

    CPV has advanced steadily over the years, despite a very challenging business environment brought on by the economic recession and limited electricity demand growth. Notwithstanding these challenges, CPV has excelled through a highly-focused strategy of anticipating market demands, working actively on policy on behalf of consumers, and interacting closely with host communities to advance projects.

    Within the past two years, the company has permitted the CPV Woodbridge Energy Center (725 MW) in central New Jersey and the CPV St. Charles Energy Center (725 MW) in Southern Maryland, both of which are now in construction.

    Recently, CPV obtained all of its permits and expects to commence construction on its CPV Valley Energy Center (720 MW) in Orange County, New York in the third quarter of 2015. In New England, CPV is updating permits at the Connecticut Siting Council and also expects to commence construction on the CPV Towantic Energy Center (805 MW) during 2015. These significant projects follow a series of successful utility scale wind farms previously developed by CPV. CPV also has several projects in the development pipeline and expects to announce its next round of projects in the coming year.

    ###

    CPV: Energizing North 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, 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, Houston, TX and San Francisco, CA the company currently has 6,000 MW of conventional generation projects in various stages of development across North America. The company’s Asset Management division has ramped up to more than 7,550 MW of natural gas generation and wind power under management. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy.

    About Global Infrastructure Partners
    Global Infrastructure Partners ("GIP") is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses in both OECD and select emerging market countries. GIP targets investments in single assets and portfolios of assets and companies in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York and London, with an affiliate in Sydney and portfolio company operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.

    MEDIA CONTACTS:

    Braith Kelly
    CPV
    +1 860-546-2008
    bkelly@cpv.com

  • DECEMBER 2, 2014
    Competitive Power Ventures, Marubeni Corporation & Toyota Tsusho Break Ground on 725 Megawatt CPV St. Charles Energy Center in Maryland

    Competitive Power Ventures, Marubeni Corporation & Toyota Tsusho Break Ground on 725 Megawatt CPV St. Charles Energy Center in Maryland

    Charles County, Maryland—December 2, 2014 — Maryland-based Competitive Power Ventures (CPV) and partners Marubeni and Toyota Tsusho broke ground today on the $775 million, 725 megawatt CPV St. Charles Energy Center in Waldorf, Charles County, Maryland.
    Located 25 miles southeast of Washington, DC, the CPV St. Charles Energy Center is a state-of-the-art 725-megawatt (MW) combined-cycle natural gas-fired electric power generating facility using two reliable, highly efficient GE 7F.05 Gas Turbines and a GE D402 Steam Turbine. The project will be constructed by SNC Lavalin Constructors Inc. and operated by EthosEnergy Power Plant Services, LLC.

    The project will sell its capacity, energy and ancillary services into the transmission-constrained SWMAAC zone of the PJM market, powering 700,000 homes. The benefits of a reliable water supply for efficient wet cooling, as well as the site’s proximity to PEPCO 230 kV transmission lines and the Dominion Cove Point natural gas pipeline, make this one of the most cost competitive projects in PJM.

    The project has received strong support from Charles County and other key stakeholders in Maryland and will provide substantial reliability, economic, socioeconomic and environmental benefits to residents and electric consumers. It is expected that approximately 350-400 construction jobs will be created during peak construction, and about 24 well-paying permanent jobs will be created once the project is completed. It is expected to become one of the largest taxpayers in Charles County.

    “Today’s groundbreaking is a major milestone for the CPV St. Charles Energy Center, Charles County and the people of the great state of Maryland,” said Doug Egan, CPV’s Chief Executive Officer. ”We are deeply grateful to our partners Marubeni and Toyota Tsusho, the entire CPV team and the many elected representatives, regulators and local officials who worked so hard to make this project a reality. The positive benefits created by this project for the people of this region, have already begun and will continue for decades to come.”

    Once constructed and operational, the CPV St. Charles Energy Center will be one of the most efficient combined-cycle facilities in PJM.

    ###

    CPV: Energizing North 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, 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, Houston, TX and San Francisco, CA the company currently has 5,000 MW of conventional generation projects in various stages of development across North America. The company’s Asset Management division has ramped up to more than 4,700MWs of natural gas generation and wind power under management. CPV Renewable Energy Company is currently developing 1,300 MWs of wind power projects across North America. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy

    About Marubeni Corporation
    Marubeni Corporation was founded in 1858 and incorporated in 1949 with its principal office located in Tokyo, Japan. It manages businesses across a wide range of industrial sectors throughout the world, and is a publicly traded company quoted on three stock exchanges in Japan: Tokyo, Osaka, and Nagoya. Marubeni first established its power industry presence through the EPC business, with more than 98GW supplied/constructed all over the world in various fuel and technology types. Marubeni expanded its business into the IPP arena in the early 1990’s, and now owns 10.9 GW of net generating capacity (35.4 GW gross capacity). Marubeni manages its electricity sector investments in the North American electricity market through Marubeni Power International, Inc., based in New York, NY. For more information, please visit www.marubeni.com or www.marubeni-power.com

    About Toyota Tsusho Corporation
    Toyota Tsusho is a general trading company that develops diversified businesses through 950 consolidated companies in Japan and overseas and with customers around the world, via a global network covering Japan and more than 90 countries worldwide. With various activities, the group provides products and services in a broad range of business domains that are essential to achieving the creation of a prosperous and fulfilling society. Toyota Tsusho is listed in the Tokyo Stock Exchange as well as in the Nagoya Stock Exchange. As recent transaction in North American power business, in 2010, Toyota Tsusho acquired a 45 percent interest in the Oyster Creek natural gas fired cogeneration plant in Freeport, Texas. In 2011, it increased to 50 percent its holdings in Goreway natural gas fired power plant in Ontario, Canada. Last year, Goreway completed C$832 million, which was the largest financing for a gas-fired power plant in Canada, and one of the largest financing deals in North America, in 2013. In addition, Toyota Tsusho acquires interest in CPV Woodbridge in order to obtain more and various financing experiences in North American power development market. The project is now under construction without any delay, targeting 2016 1Q COD. Toyota Tsusho intends to continue enhancing its overseas power generation business by seeking investments in projects that provide long-term and stable revenue promote energy-efficient power, and are environmentally friendly. For more information www.toyota-tsusho.com.

    MEDIA CONTACTS:

    Braith Kelly
    CPV
    +1 860-546-2008
    bkelly@cpv.com

  • AUGUST 8, 2014
    CPV Promotes Paul Buckovich to CFO

    CPV Promotes Paul Buckovich to CFO

    - North America’s Leading Independent Power Project Development Company Recognizes Successful Groundbreaking Financing Efforts -

    Braintree, Massachusetts, August 27, 2014 -Competitive Power Ventures (CPV) announced today that Paul Buckovich has been promoted to Chief Financial Officer following the completion of the most recent in a series of successful project financing efforts. Formerly, Buckovich served as the company’s Senior Vice President of Finance.

    Buckovich has been with CPV for over 13 years and has successfully led all of the company’s debt financing efforts to date including CPV Keenan, CPV Cimarron, CPV Sentinel, CPV Woodbridge, and most recently CPV St Charles. These financings represent a total of more than 2,400 megawatts and in excess of $2.3 billion in project financing.

    With CPV Woodbridge last fall, Buckovich and CPV pioneered the use of a creative, medium-term contract financing through the commercial bank market. Where only a few commercial banks would have considered lending to a project of this risk profile just a few years ago, CPV and Buckovich have helped evolve the market to the point where 10 lenders supported the CPV Woodbridge financing last fall and 15 lenders supported a similar financing of the CPV St. Charles project in August 2014. Showing continued outstanding market support for this approach, the CPV St. Charles debt package had a nearly two-times oversubscription rate. In addition, Power Finance magazine and the Power Finance and Risk publication awarded CPV Sentinel (2011) and CPV Woodbridge (2013) as power financing projects of the year, respectively.

    “At CPV, we take pride in succeeding where others fear to tread. From on-the-ground engaged development to project closing, CPV does not shy from challenging environments,” said Gary Lambert, CPV’s President. “Paul is a true trailblazer on the financial end of this equation, building trust and support for approaches that are innovative and allow us success where others may fall short. We are very fortunate to have Paul on the team.”

    ###

    CPV: Energizing North 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, 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, Houston, TX and San Francisco, CA the company currently has 5,000 MW of conventional generation projects in various stages of development across North America. The company’s Asset Management division has ramped up to more than 4,700MWs of natural gas generation and wind power under management. CPV Renewable Energy Company is currently developing 1,300 MWs of wind power projects across North America. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy

    MEDIA CONTACTS:

    Braith Kelly
    CPV
    +1 860-546-2008
    bkelly@cpv.com

  • AUGUST 8, 2014
    Competitive Power Ventures, Marubeni Corporation & Toyota Tsusho Close Financing of $775 Million CPV St. Charles Energy Center in Maryland

    Competitive Power Ventures, Marubeni Corporation & Toyota Tsusho Close Financing of $775 Million CPV St. Charles Energy Center in Maryland

    - GE to Provide Financing,Technology,Services for 725-MW Natural Gas-Powered Combined-Cycle Facility -

    Charles County, Maryland—August 8, 2014 — Maryland-based Competitive Power Ventures (CPV) and partners Marubeni and Toyota Tsusho announced today they have closed financing with GE unit (NYSE:GE) GE Energy Financial Services and 14 other lenders for the $775 million CPV St. Charles Energy Center under construction in Waldorf, Charles County, Maryland. Financial details were not disclosed.

    Located 25 miles southeast of Washington, DC, the CPV St. Charles Energy Center is a state-of-the-art 725-megawatt (MW) combined-cycle natural gas-fired power plant using two reliable, highly efficient GE 7F.05 Gas Turbines and a GE D400 Steam Turbine. The project will be constructed by SNC Lavalin Constructors Inc. and operated by EthosEnergy Power Plant Services, LLC.

    The project will sell its capacity, energy and ancillary services into the transmission-constrained SWMAAC zone of the PJM market, powering 700,000 homes. The benefits of a reliable water supply for efficient wet cooling, as well as the site’s proximity to PEPCO 230 kV transmission lines and the Dominion Cove Point natural gas pipeline, make this one of the most cost competitive projects in PJM.

    The project has received strong support from Charles County and other key stakeholders in Maryland and will provide substantial reliability, economic, socioeconomic and environmental benefits to residents and electric consumers. It is expected that approximately 350-400 construction jobs will be created during peak construction, and about 24 well-paying permanent jobs will be created once the project is completed. It is expected to become one of the largest taxpayers in Charles County.

    CPV St. Charles is financed under an innovative structure similar to one CPV introduced for the CPV Woodbridge Energy Center last fall.

    “The CPV St. Charles debt closing represents the second time CPV has successfully employed medium-term contract financing through the commercial bank market in the past year,” said CPV’s CFO, Paul Buckovich. “Where very few commercial banks would consider lending to a project with such a profile just two years ago, CPV has helped evolve the lending market to where 10 lenders supported CPV Woodbridge and 15 participated in CPV St. Charles. The significant oversubscription of the CPV St. Charles senior debt package underscores the market’s acceptance and appetite for innovative project finance structures, such as those at CPV Woodbridge and CPV St. Charles.”

    “Marubeni is excited to be working with our partners CPV and Toyota Tsusho. With our investment we recognize CPV’s excellent work developing and financing the project to date, and we look forward to helping drive the further success of the project in the future,” said Toshi Fukumura, President and CEO of New York-based Marubeni Power International, Inc. “The St. Charles combined-cycle power station represents our first asset in PJM and is a valuable addition to our portfolio. We remain committed to further expanding our footprint and capabilities in the North American electric power sector.”


    “We are very happy that the St. Charles project is achieving financial close, since Toyota Tsusho has been working on the project for two years,” said Shinichi Ushijima, General Manager of Power Project Development Department. “For Toyota Tsusho, the St. Charles project is a second project partnering with CPV in PJM following the CPV Woodbridge project. North America is one of our focused business areas where we will continue to expand our power business.”

    GE Energy Financial Services served as the administrative agent, and — through GE Capital Markets, Inc. — as CPV St. Charles’ primary lead arranger and bookrunner to anchor $550 million in senior secured credit facilities. GE Energy Financial Services has syndicated over $2 billion in thermal power plant financing over the last 12 months.

    Included in the project’s $260 million GE equipment and services order is the company’s FlexEfficiencyTM 60 combined-cycle engineered equipment package. The package comprises two, fast-start 225-megawatt 7F.05 gas turbine generators, one D400 steam turbine generator in a “2x1” configuration and two duct-fired, triple-pressure reheat heat recovery steam generators. GE also will support the long-term availability of the CPV St. Charles Energy Center through a 16-year contractual services agreement (CSA).

    Carl Peterson, a managing director and head of energy lending at GE Energy Financial Services, said, “GE is pleased to continue its long relationship with CPV by providing world-class technology connected with financing attractive to debt capital markets.”
    Once constructed and operational, the CPV St. Charles Energy Center will be one of the most efficient combined-cycle facilities in PJM.

    ###

    Note to Editors: Infographic: GE Energy Financial Services has syndicated over $2B in thermal power plant financing in the last year

     

    CPV: Energizing North 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, 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, Houston, TX and San Francisco, CA the company currently has 5,000 MW of conventional generation projects in various stages of development across North America. The company’s Asset Management division has ramped up to more than 4,700MWs of natural gas generation and wind power under management. CPV Renewable Energy Company is currently developing 1,300 MWs of wind power projects across North America. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy

    About Marubeni Corporation
    Marubeni Corporation was founded in 1858 and incorporated in 1949 with its principal office located in Tokyo, Japan. It manages businesses across a wide range of industrial sectors throughout the world, and is a publicly traded company quoted on three stock exchanges in Japan: Tokyo, Osaka, and Nagoya. Marubeni first established its power industry presence through the EPC business, with more than 98GW supplied/constructed all over the world in various fuel and technology types. Marubeni expanded its business into the IPP arena in the early 1990’s, and now owns 10.9 GW of net generating capacity (35.4 GW gross capacity). Marubeni manages its electricity sector investments in the North American electricity market through Marubeni Power International, Inc., based in New York, NY. For more information, please visit www.marubeni.com or www.marubeni-power.com

    About Toyota Tsusho Corporation
    Toyota Tsusho is a general trading company that develops diversified businesses through 950 consolidated companies in Japan and overseas and with customers around the world, via a global network covering Japan and more than 90 countries worldwide. With various activities, the group provides products and services in a broad range of business domains that are essential to achieving the creation of a prosperous and fulfilling society. Toyota Tsusho is listed in the Tokyo Stock Exchange as well as in the Nagoya Stock Exchange. As recent transaction in North American power business, in 2010, Toyota Tsusho acquired a 45 percent interest in the Oyster Creek natural gas fired cogeneration plant in Freeport, Texas. In 2011, it increased to 50 percent its holdings in Goreway natural gas fired power plant in Ontario, Canada. Last year, Goreway completed C$832 million, which was the largest financing for a gas-fired power plant in Canada, and one of the largest financing deals in North America, in 2013. In addition, Toyota Tsusho acquires interest in CPV Woodbridge in order to obtain more and various financing experiences in North American power development market. The project is now under construction without any delay, targeting 2016 1Q COD. Toyota Tsusho intends to continue enhancing its overseas power generation business by seeking investments in projects that provide long-term and stable revenue promote energy-efficient power, and are environmentally friendly. For more information: www.toyota-tsusho.com

    About GE
    GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

    About GE Energy Financial Services
    GE Energy Financial Services—GE’s energy investing business—works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money—expertise—for essential, long-lived and capital-intensive power, oil and gas infrastructure—GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $16 billion in assets. More information: www.geenergyfinancialservices.com.
    Follow GE Energy Financial Services on Twitter:
    @GEEnergyFinServ.

    About GE Power & Water

    GE Power & Water provides customers with a broad array of power generation, energy delivery and water process technologies to solve their challenges locally. Power & Water works in all areas of the energy industry including renewable resources such as wind and solar; biogas and alternative fuels; and coal, oil, natural gas and nuclear energy. The business also develops advanced technologies to help solve the world’s most complex challenges related to water availability and quality. Power & Water’s six business units include Distributed Power, Nuclear Energy, Power Generation Products, Power Generation Services, Renewable Energy and Water & Process Technologies. Headquartered in Schenectady, N.Y., Power & Water is GE’s largest industrial business.

    For more information, visit the company's website at www.gepower.com and http://powergen.gepower.com.

    Follow GE Power & Water and GE Power Generation on Twitter @GE_PowerWater and @ge_powergen.

    MEDIA CONTACTS:

    Braith Kelly
    CPV
    +1 860-713-3309
    bkelly@cpv.com

    Jaclyn Cole
    Communications Specialist
    GE
    Energy Financial Services
    T +1 203 961 2934
    jaclyn.cole@ge.com

    Kevin Norris
    GE Power & Water
    +1 678 844 4568
    kevin.norris@ge.com