Press Releases

  • December 17, 2007
    CPV Files for Permits to Construct Ultra-Clean Natural Gas Power Plant in Maryland and Bring Energy Security to Region

    ST. CHARLES, MD (December 17, 2007) – Competitive Power Ventures (CPV) has filed permit applications with the Maryland Department of Natural Resources (DNR) to construct a new natural gas power plant in Charles County. The 640 megawatt state-of-the-art facility, called CPV St. Charles, would help secure the region’s supply of energy and be one of the cleanest natural gas plants ever licensed in Maryland.

    “We have three primary goals in mind in bringing this state-of-the-art facility to Maryland: to offer reliable and secure energy to the region, to produce this energy in an environmentally sound way, and to forge a strong partnership with the community where we will operate,” said Doug Egan, CPV Chairman and Chief Executive Officer. “As a Maryland-based company, it is an exciting opportunity for CPV to help secure the state’s energy supply needs and keep electricity costs low for area consumers.”

    The permits for the new CPV St. Charles power plant, filed Friday afternoon by CPV Maryland LLC, were submitted shortly after the release of a report by the Maryland Public Service Commission warning of a critical shortage in Maryland’s electricity capacity that could lead to rolling blackouts as early as 2011. The report noted the benefits of adding additional power generation, especially natural gas generation, in the state as a way to address this issue.

    CPV St. Charles would provide power to roughly 600,000 homes using cleanburning natural gas, a fuel that is significantly cleaner than the coal that currently powers the majority of plants in the region. Moreover, by increasing the supply of energy to the region, the plant would help hold down electricity costs. The company would be one of the largest tax payers in the county. During construction, 350 to 400 jobs would be created, with a strong focus on hiring these skilled laborers locally. Once fully functional, 25 full-time employees would be needed to operate the facility and would earn an average salary of $55,000. CPV St. Charles would utilize cutting-edge technologies to eliminate the need for groundwater in its cooling processes. CPV has a preference to use reclaimed water in a wet cooling process, which would efficiently recycle at its peak 4.5 million gallons per day of treated wastewater from the Mattawoman Wastewater Treatment Plant that would normally be distributed into area waterways. The company’s permit application also seeks the flexibility to use instead a dry cooling process that requires no water for the cooling process.

    “An incredible amount of thought has gone into the planning of CPV St. Charles – from the processes the facility will use to its precise location in the county – to ensure it is beneficial to the State of Maryland, Charles County, and area residents,” said Sharon Segner, the CPV St. Charles Project Director. “This project will bring increased energy security for the state and region, greater economic benefits for the county, and lower electricity rates for local residents – all with limited impact on the environment. We welcome input and comments as we move forward with the permitting process for this plant.”

    CPV St. Charles will be located in an industrial zone on land previously permitted for a power plant. The facility will be situated on a 77-acre site, between an asphalt plant and a landfill, and in proximity to an existing power line, eliminating the need to construct new power lines.

    CPV entered into a purchase agreement for the site with American Community Properties Trust, the current property owner and developer of St. Charles. Additionally, CPV has obtained priority rights to tie the plant directly into the region’s power grid, giving CPV St. Charles a time and cost advantage over other proposed new power plants in the metropolitan Washington DC area. After a thorough environmental review and the issuance of all necessary local, state and federal permits, construction on CPV St. Charles is targeted to begin in early 2009 and be completed in 2011.

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    About Competitive Power Ventures

    CPV Maryland, LLC is a wholly-owned subsidiary of Competitive Power Ventures. Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company. In addition to its Silver Spring, Maryland headquarters, CPV has offices in Boston and San Francisco. The company’s development professionals have played critical roles in the successful development of more than 30 power plants, representing over 15,000 megawatts of currently operational power generation capacity. CPV is majority owned by Warburg Pincus. For more information, visit www.cpv.com

  • November 7, 2007
    CPV Asset Management team advises Liberty Electric Power, LLC in $460MM Refinancing effort for 568MW Liberty Project

    CPV Advises Liberty Electric Power, LLC in Refinancing


    Competitive Power Ventures (CPV) acted as financial advisor for the $325M term and $35M revolver first lien plus $100M term mezzanine financing of the 568 MW Liberty Project which is located in PJM East near Philadelphia. This ground breaking $750/kw term debt level ($575/kw first lien) is supported by the strong asset performance and market fundamentals of the Liberty project. The pricing of the facilities is L+300 and L+900 for the first lien and mezzanine, respectively. The term of the facilities is 7 years for the first lien and ten years for the mezzanine. The first lien debt is rated Ba3 by Moody's Investors Service. The financing also included a 3.5 year financial (heat rate call option) hedge for plant energy output put in place by CPV energy management professionals.


    Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company. The company's development professionals have played critical roles in the successful development of more than 30 power plants, representing over 15,000 megawatts of currently operational power generation capacity. CPV currently provides asset management services for over 6,300 MWs in six power markets. CPV is majority owned by Warburg Pincus. In addition to its Silver Spring, Maryland headquarters, CPV has offices in Boston and San Francisco. For more information please visit www.cpv.com.

    Contact: Eric Cada (240) 723-2332
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  • July 27, 2007
    Competitive Power Ventures Says Stable Regulatory Environment Key to New Energy Investments for Maryland

    CEO of Silver Spring Company Testifies before Maryland Public Service Commission Hearings

    SILVER SPRING, MD (July 27, 2007) – In testimony later today before the Maryland Public Service Commission (PSC), Competitive Power Ventures (CPV) Chairman and Chief Executive Office Doug Egan will urge Maryland policymakers to provide a stable regulatory environment to encourage new investments in much-needed power generation across the state.

    [See the full text of Egan’s testimony at: http://webapp.psc.state.md.us/Intranet/AdminDocket/NewIndex3_VOpenFile.cfm?ServerFil ePath=C%3A%5CAdminDocket%5CPublicConferences%5CPC9%5C14%2Epdf]

    “Maryland badly needs new native power generation that is environmentally friendly with state-of-the-art efficiency and reliability,” said Doug Egan, Chairman and Chief Executive Officer of CPV, which is headquartered in Silver Spring. “The Commission should not only maintain, but improve current policies, and look favorably upon new proposals that encourage the building of generation in Maryland.”

    Earlier this week, CPV announced plans to build a 600 megawatt natural gas-fired combined cycle power plant in Charles County. The new facility, CPV St. Charles, will generate enough electricity to power 600,000 homes and use the most advanced and environmentally-conscious power generation technologies to produce electricity efficiently and cleanly to help meet the region’s demand for energy.

    Maryland currently imports more than a quarter of its electric energy needs, making it the fifth largest importing state in the country, according to Maryland PSC reports. In addition, more than three-fourths of the generation capacity in the state is more than 21 years old and in need of environmental improvements.

    “A stable regulatory environment is critical to upgrading our power infrastructure. Investors need to feel comfortable that the policy landscape won’t suddenly shift under them,” Egan said in his testimony. “In order for markets to work properly and for customers to fully realize the benefits of wholesale and retail competition, Maryland needs to construct a significant amount of new generation. CPV’s view is that the best way to make this happen is to foster policies that bring new sources of private sector investment to the table, instead of retrenching back to the days when the entire burden of new generation was placed squarely on the ratepayers’ backs.”

    Egan said that power plant siting plans now in development are based on the current market and regulatory structure, and warned that a significant sudden change or regulatory uncertainty would slow down efforts to address Maryland’s looming energy shortages. “If a fundamental change in direction were to occur, nobody can predict with any confidence where things might end up,” Egan said. “Consequently, it is hard to see how anyone could move forward with projects to address the supply-demand imbalance with any confidence that their investments in such projects would prove to be wise ones.”

    In addition to calling on the PSC to maintain a stable regulatory system, Egan urged the commission to establish a clear permitting process that would help grant final approvals in a timely manner. He also said that Maryland customers would be best served by the state continuing to promote transparent power pricing and the removal of barriers to building new Maryland-based power facilities. In addition, Egan said the State of Maryland should encourage an environment for the utilities to meet some of their energy requirements with longer-term power supply agreements.

    When completed in 2011, CPV St. Charles will be one of the cleanest natural gas facilities ever built in Maryland and the Washington DC area. The new plant, which will use cleanburning natural gas, will help reduce dependency on older coal-burning power plants which currently supply a majority of the region’s power. Additionally, the plant’s innovative design will prevent it from being a strain on local water resources by employing a cooling system that requires only minimal groundwater.

    The new facility will be built and operated through CPV’s wholly-owned subsidiary, CPV Maryland, LLC. It will be constructed on a 77-acre site in Charles County which was previously fully permitted by another power company. In addition, the site is adjacent to an existing power line, which will eliminate the need to construct new transmission towers or power lines. CPV also has obtained priority rights to tie the plant directly into the region’s power grid, giving CPV St. Charles a time and cost advantage over other proposed new power plants in the metropolitan Washington DC area.

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    About Competitive Power Ventures

    CPV Maryland, LLC and CPV Warren, LLC are wholly-owned subsidiaries of Competitive Power Ventures. Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company. In addition to its Silver Spring, Maryland headquarters, CPV has offices in Boston and San Francisco. The company’s development professionals have played critical roles in the successful development of more than 30 power plants, representing over 15,000 megawatts of currently operational power generation capacity. CPV is majority owned by Warburg Pincus.

    For more information please visit www.cpv.com.

  • July 24, 2007
    CPV Unveils Maryland’s Cleanest New Natural Gas Power Plant in Charles County, Maryland

    Advanced Design Will Mean Clean Energy for the Region's Growing and Urgent Needs

    SILVER SPRING, MD (July 24, 2007) - Competitive Power Ventures (CPV) today unveiled plans to build a 600 megawatt natural gas-fired combined cycle power plant in Charles County, Maryland. Known as CPV St. Charles, the new facility will generate enough electricity to power 600,000 homes and use state-of-the-art technology to produce electricity efficiently and cleanly to help meet the region's demand for energy. Thorough environmental review by local, state and federal regulators will begin in fall 2007.

    "As a Maryland-headquartered company we are very excited about the chance to help our home state meet its growing energy needs, help keep local electric rates low and stable, and boost the Charles County tax base-all while achieving the highest standard for environmental responsibility," said Doug Egan, CPV Chairman and Chief Executive Officer. "CPV St. Charles will be our flagship facility and will employ the most advanced and environmentally-conscious power generation technologies available today. The capabilities and experience of CPV's senior staff in energy development and production are unsurpassed, and we are committed to working closely with state and county officials to move this project forward."

    When completed, CPV St. Charles will be one of the cleanest natural gas facilities ever built in Maryland and the Washington DC area, using clean-burning natural gas and helping reduce the dependency on older coal-burning power plants which currently supply a majority of the region's power. Additionally, the plant's innovative design will prevent it from being a strain on local water resources by employing a cooling system that requires only minimal groundwater.

    CPV plans to build and operate the new facility through its wholly-owned subsidiary CPV Maryland, LLC. It will be constructed on a 77-acre site in an industrial zone which has long been set aside for a power plant and which was previously fully permitted by another power company. The site is adjacent to an existing asphalt plant, the Charles County landfill, and an existing power line, eliminating the need to construct new transmission towers or power lines. CPV recently entered into a purchase agreement for the site with American Community Properties Trust, the current property owner and developer of St. Charles.

    Additionally, CPV recently obtained priority rights to tie the plant directly into the region's power grid, giving CPV St. Charles a time and cost advantage over other proposed new power plants in the metropolitan Washington DC area.

    "CPV operates with communities in mind, bringing good jobs, long-term tax revenue, and greater energy security to the regions where we have facilities," said Sharon K. Segner, director of the CPV St. Charles project. "We will be opening an office in Charles County soon and we look forward to talking with community members about the facility, the cutting edge technologies we employ, and the advantages of environmentally-responsible natural gas generation."

    By contributing to the region's growing need for electricity, CPV St. Charles will help prevent the rolling power blackouts which have occurred as a result of electricity shortages in other power-starved regions. According to recent studies by PJM, which is responsible for maintaining electrical reliability in the Mid-Atlantic region, without the construction of new power generation facilities, the Southern Maryland and Washington DC area could experience rolling blackouts starting in the year 2011.

    After a thorough environmental review and the issuance of all necessary local, state and federal permits, construction on CPV St. Charles is expected to begin in early 2009 and finish in 2011. When completed, CPV St. Charles will be one of the largest taxpayers in Charles County and therefore a major new, long-term source of additional funding for local schools. Its construction will create approximately 350-400 jobs at peak and it will create 30 permanent jobs when operational. Strong efforts will be made to use local labor to the greatest extent possible.

    Through its Virginia subsidiary, CPV Warren LLC, CPV is also developing a natural gas-fired power plant in Front Royal, Virginia. That plant, which is in the final stages of the permitting process, will be the cleanest fossil fuel plant ever permitted in Virginia and one of the cleanest in the United States.

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    About Competitive Power Ventures

    CPV Maryland, LLC and CPV Warren, LLC are wholly-owned subsidiaries of Competitive Power Ventures. Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company. In addition to its Silver Spring, Maryland headquarters, CPV has offices in Boston and San Francisco. The company's development professionals have played critical roles in the successful development of more than 30 power plants, representing over 15,000 megawatts of currently operational power generation capacity. CPV is majority owned by Warburg Pincus.

    For more information please visit www.cpv.com

  • April 11, 2007
    CPV announces sale of 3,500 MW CPV Wind Ventures development portfolio to Iberdrola Renewable Energies USA

    SILVER SPRING, MD - April 11, 2007 - Competitive Power Ventures, Inc. ("CPV") today announced that it has reached agreement for the sale of CPV Wind Ventures, LLC ("CPV Wind") to Iberdrola Renewable Energies USA, Ltd. ("Iberdrola"). The transaction includes the sale of all interests in CPV Wind to Iberdrola and is expected to close by early May.

    Founded in 2005, CPV Wind is a joint venture of CPV and affiliates of ArcLight Capital Partners. CPV Wind has developed a diverse portfolio of projects totaling 3,500 MW across 15 states. It also has a contract for a large block of General Electric wind turbines to support the development portfolio.

    "CPV Wind's sale to Iberdrola - an established leader in the wind generation industry - will ensure these projects are commercially competitive and help meet this nation's goal of increasing the supply of clean, renewable electric generation," said Doug Egan, CPV Chairman and Chief Executive Officer. "CPV has always been and will continue to be committed to developing environmentally superior sources of electric generation, including wind, to ensure an adequate supply of electricity."

    "Through the tremendous efforts of the CPV and ArcLight teams, CPV Wind has been built into one of the leading wind development companies in the country. The strong management team of CPV and the successful development of the portfolio was key to our attracting the attention of the world leader in renewable energies generation and helped to facilitate this transaction." said Dan Revers, Managing Partner of ArcLight Capital.

    Over the past eighteen months CPV Wind has seen significant expansion through both greenfield development and acquisition.

    The sale of CPV Wind to Iberdrola pairs the project portfolio with a leading owner and operator of wind generation worldwide. It is expected that commercial operation of the projects will start as soon as 2008. CPV Wind was represented in this transaction by Marathon Capital. The sale of CPV Wind is the fourth major transaction by CPV in recent months. CPV previously announced its selection to supply over 1,100 MW of new, clean and efficient natural gas fuel generation to two California utilities, as well as an equity commitment of up to $200 million from Warburg Pincus for future development projects.

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    About Competitive Power Ventures

    Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company. In addition to its Silver Spring, Maryland headquarters, CPV has offices in Boston, San Francisco and Denver. The company's development professionals have played critical roles in the successful development of more than 30 power plants, representing over 15,000 megawatts of currently operational power generation capacity. CPV is majority owned by Warburg Pincus. For more information please visit www.cpv.com.

    About ArcLight Capital

    ArcLight Capital Partners, LLC is one of the world's leading energy infrastructure investing firms, with more than $4.6 billion under management. ArcLight invests throughout the energy industry value chain in hard assets that produce high current income and capital appreciation. Founded in 2001, ArcLight has its headquarters in Boston and an office in New York City. ArcLight has 27 investment professionals and is led by Managing Partner Daniel R. Revers and Senior Partner Robb E. Turner. With a combination of more than 200 years of energy investing, ArcLight's principals have deep energy investing experience, industry relationships, and asset level knowledge.

    More information about ArcLight can be found at www.arclightcapital.com

    For More Information
    Contact: Sean J. Finnerty Sr. Vice President Competitive Power Ventures, Inc.
    P/ 781-848-0253
    E/ sfinnerty@cpv.com