- July 11, 2006
CPV Wind Ventures announces acquisition of Distributed Generation Systems 1,000MW Wind Portfolio
SILVER SPRING, MD (July 11, 2006) -- CPV Wind Ventures, LLC ("CPV Wind") and Distributed Generation Systems, Inc ("Disgen") have announced the acquisition by CPV Wind of the Disgen wind project development portfolio. The acquisition brings together the strong development and financing capabilities as well as access to capital markets of CPV Wind and Disgen's strong development team and historic presence in the wind industry to create a geographically diverse and well matured wind development portfolio.
The Disgen portfolio being acquired consists of nine advanced development projects totaling over 1,000 MW which will be combined with CPV Wind's existing development program. CPV Wind's portfolio now totals over2,700 MW of advanced and early stage development projects. The most mature are slated for financing in 2007.
"Bringing together the CPV Wind program with the portfolio of well sited and mature projects originated by Disgen creates a perfect match and will enhance our ability to put wind farms into operation," said CPV Wind's President and CEO Doug Egan. CPV Wind is backed by the private equity firm ArcLight Capital Partners, LLC and announced earlier this year that it had secured a large block of wind turbines from GE to support its development portfolio.
"Dale Osborn and the entire Disgen team have been leaders in the wind industry for many years and we are pleased to be combining our forces. CPV Wind's development expertise, access to capital and secured wind turbines will be used to further advance our program and move projects through development and into construction," Egan stated.
"With the rapid expansion of the wind industry in the United States and the consolidation of the developer component of the industry, it has become increasingly clear that access to significant capital is required for success. Disgen is very pleased to be a party to this transaction with CPV Wind. It was critical to me personally that the buyer have similar core values as Disgen's and I am proud to say the CPV meets that requirement. I look forward to CPV's success in completing these projects and will support CPV in any way I can" said Disgen founder and wind industry pioneer Dale Osborn, President and CEO of Disgen
CPV Wind Ventures is a privately held company owned by subsidiaries of Competitive Power Ventures and ArcLight Capital Partners, LLC and is developing one of the broadest wind energy development programs in the industry. CPV Wind focuses on developing economic as well as environmentally efficient wind energy projects in the continental United States and Canada.
Established in April 2001, ArcLight Capital Partners, LLC is one of the leading private investment firms focused exclusively on the electric power and energy sector with over $4.6 billion under management. ArcLight is headquartered in Boston Massachusetts with offices in New York City.
Competitive Power Ventures is a North American power industry development and asset management company. Founded in 1999, CPV is headquartered in Silver Spring, Maryland and has an office in Braintree, Massachusetts. CPV manages and develops natural gas fired projects throughout the U.S, but sees continued strong demand for renewable energy and other innovative power generation projects in the country for the foreseeable future.
Distributed Generation Systems, Inc. is a privately held renewable energy developer located in Lakewood Colorado. Founded in 1996, Disgen completed the development of the first commercial wind facilities in Colorado and Pennsylvania and has commenced construction of the first utility scale commercial wind facility in Massachusetts. Disgen has recently amended its focus towards smaller community based projects with special attention to development on Native American Reservations.
For further information:
Contact: Sean Finnerty, Sr. Vice President
(781) 848-0253 work number