Press Releases

  • November 30, 2009
    CPV REC Announces Maryland’s Largest Solar Farm In Conjunction with ACPT Planned Green Community

    CPV REC Announces Maryland’s Largest Solar Farm In Conjunction with ACPT Planned Green Community

    Silver Spring, MD, November 30, 2009 – CPV Renewable Energy Company (CPV REC) today
    announced plans for a 10 megawatt (MW) solar farm in southern Maryland to be co-located with the proposed natural gas combined-cycle CPV St. Charles Energy Center. The announcement was made today as part of American Community Properties Trust (ACPT) 9,100 acre planned “Model Green City” in Charles County.

    Named the CPV Piney Reach Solar Farm, the planned facility will begin permitting immediately and is expected to be in service by 2012. The solar farm will employ arrays of photovoltaic panels to turn sunlight directly into clean electricity. The project is the largest of its kind announced in the state.

    Co-locating the solar farm with a natural gas generator represents a new “hybrid” approach to electricity generation being developed by CPV. This approach marries the environmental attributes of renewable electricity production with the controlability and low emissions rates of natural gas generation to yield clean, low-emission electricity that is available whenever the public demands.

    “We are extremely excited to be bringing this solar project to the people of Maryland in conjunction with our CPV St. Charles Energy Center,” said Competitive Power Ventures Chairman and CEO Doug Egan. “We believe this combination of renewable generation with natural gas generation will be the wave of the future and Maryland is on the cutting edge.”

    The project will also start Maryland on its way toward achieving its aggressive renewable portfolio standard goal of installing 1,500 megawatts of solar by 2022.

    CPV REC is currently developing several major solar projects nationwide and has more than 5,000 MW of wind projects under development. 1,000 MWs of these projects are currently in negotiations for their output and are expected to be online by 2012.

    For more information about the project and CPV please go to www.cpv.com.

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    CPV: Energizing America's Future
    Competitive Power Ventures, LLC’s (CPV) 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, CPV has focused its 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 (MWs) of natural gas-powered 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 solar projects across North America. Find out more at www.cpv.com.

  • october 22, 2009
    CPV Renewable Energy Company and TVA Announce 200 MW PPA for New Wind Farm Project in North Dakota

    CPV Renewable Energy Company and TVA Announce 200 MW PPA for New Wind Farm Project in North Dakota

    Silver Spring, MD, October 22, 2009 – CPV Renewable Energy Company (“CPV”) announced today that it has executed a 20‐year power‐purchase agreement with the Tennessee Valley Authority (“TVA”) for 200 MW from its Ashley wind energy project in McIntosh County, North Dakota.

    Permitting has already begun and CPV will construct and operate the wind farm. The project is expected to start producing power in 2012. CPV Ashley was one of the first two renewable energy projects selected from more than 60 responses to a TVA request for proposals issued in December of last year.

    “CPV is committed to continuing to grow our portfolio of renewable energy projects and help America build a bridge to a sustainable energy future,” said Sean Finnerty, CPV Sr. Vice President. “We are delighted to be partnering with TVA ‐ one of the leading energy companies in North America ‐ to generate more windpowered electricity. TVA’s leadership in advancing the growth of clean, renewable energy resources through projects such as Ashley is exemplary.”

    This is the second power purchase agreement announced by CPV in the past month. In September, CPV and Oklahoma Gas & Electric Company agreed to a 152 MW power purchase agreement from CPV’s Keenan wind farm in northwest Oklahoma. That project is expected to be on‐line in late 2010.

    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 and 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. Using domestically-available energy sources, like wind and natural gas, 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 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 4,500MWs 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.

  • October 19, 2009
    Natural Gas Electric Generating Project that Complements Wind Farms Near Palm Springs Moves Ahead Thanks to New California Legislation

    800 MW Plant will Increase Power Reliability, Support Renewable Energy Expansion, Create Jobs, Improve Air Quality

    Desert Hot Springs, CA, October 19, 2009 – Developers of a planned 800‐megawatt natural gas electric generating project in Desert Hot Springs announced today they are moving ahead now that Gov. Arnold Schwarzenegger has signed legislation clearing one of the final roadblocks to the project.

    The CPV Sentinel Power Project will supply electricity at times of peak summer demand to complement renewable energy projects and helps protect the Los Angeles region against blackouts. CPV Sentinel will provide an essential energy backstop for the region’s homes, schools and hospitals when reliable power is needed most.

    The region of California surrounding CPV Sentinel is a wind generation‐intensive area ‐‐with 600 megawatts of operational wind power and 150 megawatts under development. Because of the intermittent nature of wind power, CPV Sentinel will complement nearby wind farms and support California’s Renewable Energy Portfolio requirement.

    “The CPV Sentinel Power Project is critical for achieving California’s ambitious 33 percent renewable energy portfolio standard program,” said Doug Egan, Chairman and CEO of Competitive Power Ventures, Inc, the company developing the project and co‐owner along with GE (NYSE: GE) unit GE Energy Financial Services. “When the wind drops off and the sun isn’t shining, CPV Sentinel will ensure that essential electric power continues flowing. It’s like the backup generators people now install at their homes. When other forms of power drop out, this plant will kick in to keep the lights on.”

    The CPV Sentinel project is expected to create 350 construction jobs with a $50 million payroll and 14 permanent well paying jobs once in operation. Nearly 400 indirect jobs with $15 million in payroll will be created. During this economically stressed period, CPV Sentinel will provide an estimated $2.6 million in new business taxes, $25 million in sales tax and $9 million in annual property taxes.

    CPV Sentinel is a quick‐start power plant that will use eight GE LMS‐100 turbines, a product of GE Energy. The turbines are designed to start in ten minutes. In the spirit of GE’s ecomagination initiative to help customers meet environmental challenges, the LMS‐100 will assist in reducing carbon dioxide emissions because it will be an estimated 10‐15 percent more efficient than the next best plant in California today and will allow for the retirement of older, inefficient facilities that power the Coachella Valley.

    CPV Sentinel was in the final stages of securing permits and was preparing for construction when a decision was issued in litigation filed against the South Coast Air Quality Management District (SCAQMD)—the agency from which CPV Sentinel has requested emission reduction credits. The credits are required to issue the plant’s air permit and commence construction. CPV Sentinel could not obtain emissions credits while the lawsuit was being resolved. Recognizing the importance of this project to California’s economy, environment and electric grid, the Legislature passed AB 1318, which allows the SCAQMD to transfer emission credits to the project. With the requisite emissions credits now available, CPV Sentinel will approach the California Energy Commission about final certification. Construction of the power plant is expected to begin next year.

    AB 1318 was co‐authored by Senators Ducheny and Benoit and Assembly member Perez and Nestande and sponsored by Competitive Power Ventures and the State Building & Construction Trades Council. For more information about the project and CPV please go to www.cpvsentinel.com and www.cpv.com.

    CPV: Energizing America’s Future

    Competitive Power Ventures, LLC (CPV), based in Silver Spring, MD, 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 nearly 5,000 (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 is currently developing 5,000 MWs of wind power projects across North America. Find out more at www.cpv.com.

  • September 29, 2009
    CPV Renewable Energy Company Announces Long-Term PPA with OG&E for Wind Energy in Oklahoma

    Silver Spring, MD, September 29, 2009 – CPV Renewable Energy Company (CPV REC) announced today that it has executed a 20‐year power‐purchase agreement with Oklahoma Gas & Electric Company (“OG&E”) for its 152 MW Keenan II wind energy project in Woodward County, Oklahoma.

    CPV REC’s project was one of three selected from more than 50 responses to an OG&E request for proposals. Contingent upon approval by the Oklahoma Corporation Commission, CPV REC will construct and operate the Keenan II wind farm with its entire output dedicated to OG&E. The project is expected to start generating electricity in 2010.

    “We are delighted to be helping OG&E bring more renewable power to the citizens of Oklahoma,” said Sean Finnerty, CPV REC Sr. Vice President. “Keenan II is an exceptional wind energy project that will provide economic benefits to Woodward County – the new center of wind power in Oklahoma ‐and environmental benefits to OG&E customers for many years to come.”

    This represents the second project agreement between CPV REC and OG&E. Last year, the companies announced that OG&E would acquire a 101 MW wind project from CPV REC which OG&E named, “OU Spirit.” OU Spirit began construction this past spring and is expected to be on‐line delivering electricity by the end of 2009.

    “As a native of Oklahoma, I am pleased to see these companies working to bring clean, reliable wind power to the citizens of the state”, said Denise Bode, CEO of the American Wind Energy Association and former Chairwoman of the Oklahoma Corporation Commission. “Wind power creates good jobs and new sources of income for local communities, and helps protect consumers against fuel price increases.

    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. Lead by a blue chip management team and 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 Competitive Power Ventures please go to www.cpv.com.

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    CPV: Energizing 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, CPV has focused its 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 (MWs) of conventional generation projects in various stages of development across North America. The company’s Asset Management division has more than 4,500MWs 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 solar power projects across North America. Find out more at www.cpv.com.

  • September 12, 2009
    AB 1318 Now on its Way to Governor Schwarzenegger’s Desk for Signature

    Sacramento, CA, September 12, 2009 ‐ In the closing hours, the California Legislature passed AB 1318 (V. Manuel Perez) which clears the way for a crucial infrastructure project in Southern California to move forward into construction. The bill is now on its way to Governor Schwarzenegger’s desk where it is expected to be signed into law.

    CPV Sentinel Standby Power Project (“Sentinel”) is an 800‐megawatt natural gas generating station designed to supply electricity when needed to complement current and proposed renewable projects and protect the Coachella Valley region against dangerous blackouts. At times of peak demand during the blistering summer months, the Sentinel project will provide an energy backstop for Coachella Valley homes, schools and hospitals when reliable power is needed most.

    Sentinel had obtained a majority of its permits and was preparing for construction, when litigation was brought against the South Coast Air Quality Management District (SCAQMD)—the agency from which Sentinel needs to obtain emissions credits in order to secure financing and commence operation. Though Sentinel was not directly involved in this litigation, it was peripherally impacted by the fact that it could not obtain any emissions credits necessary to operate while the lawsuit is being resolved.

    Recognizing the importance of this project to California’s economy, environment and electric system, the Legislature passed AB 1318 which is intended to allow the SCAQMD to transfer a limited number of emission credits from its Priority Reserve while the litigation is pending.

    AB 1318 was coauthored by Senators Ducheny and Benoit and Assembly member Nestande and sponsored by Competitive Power Ventures and the State Building & Construction Trades Council.

    “This is a refreshing example of government stepping up and solving a problem for the benefit of the people it serves,” said Doug Egan, President of Competitive Power Ventures, the company developing the project. “The Legislature is to be commended for creatively developing a solution that will bring cleaner air, support for renewable energy and an economic shot‐in‐the‐arm at a time when this state needs it most.”

    The Sentinel project will create approximately 350 construction jobs with a $40 million payroll and 14 permanent well‐paying jobs once in operation. Nearly 400 indirect jobs will be created because of the project with $15 million in payroll. During this economically‐stressed period, CPV Sentinel will provide $2.6 million in new business taxes, $40 million in sales tax and another $6.4 million in annual property taxes.

    CPV Sentinel uses state‐of‐the art General Electric technology, clean natural gas and is the most environmentally efficient plant in its class at 10 percent to 15 percent more efficient than the next best plant in California today. Sentinel will allow for the retirement of many older, inefficient facilities that currently power the Coachella Valley and will invest in water conservation resulting in substantial water savings in the region over the life of the project.

    For more information about the project and CPV please go to www.cpvsentinel.com and www.cpv.com.

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    CPV: Energizing 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, CPV has focused its 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 (MWs) of conventional generation projects in various stages of development across North America. The company’s Asset Management division has more than 4,500MWs 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 solar power projects across North America. Find out more at www.cpv.com.

  • August 18, 2009
    CPV St. Charles Pushes Expedited Action to Save Ratepayers Billions & Improve Environment, Sees Common Ground with Maryland Energy Administration

    Maryland Public Service Commission Order Can Ensure Ratepayer Savings While Bringing Much-Needed Jobs and Economic Development to State

    Silver Spring, Maryland - Maryland based energy company Competitive Power Ventures, Inc. (“CPV”), in a filing to the Maryland PSC today, urged prompt action by the Public Service Commission on its request to order one or more Maryland utilities to negotiate a power purchase agreement with the St. Charles Power Plant under development in Charles County. In its filing CPV acknowledged merit in a proposal advanced by Maryland’s Energy Administration’s (MEA) to conduct a broader, but still expedited, review process of available options to get more electric generation built in the state.

    “We believe MEA offers some good ideas to ensure a prudent review of options, while moving swiftly toward adding much-needed generating capacity to the state,” said CPV Chairman Doug Egan. “Every month delay robs Maryland ratepayers of tens of millions of dollars they could be saving by adding new generating capacity to Maryland’s electric system.”

    MEA’s proposed solution would require PSC Staff to complete a review of the St. Charles project and any other competing projects requesting review within 90 days of an order on this matter, which would allow for a Commission-approved long-term contract to be in place for the chosen project by March 2010. CPV acknowledges MEA’s careful thought in proposing a process that will bring the project on-line and saving money by the summer of 2012.

    Because of a deficit of in-state generation, Maryland currently imports approximately 2000 megawatts of electricity from outside the area; mostly from dirty, outdated coal plants to the west. In addition to sending electricity to Maryland, these generators also contribute to the deterioration of Maryland’s air quality. This practice, known as “coal by wire,” has local environmental groups seeking cleaner in-state alternatives as well.

    CPV’s proposed St. Charles energy center would be fueled by natural gas and would be among the cleanest electric generators in the country. In addition, by using treated wastewater for cooling, the project will help clean up the Chesapeake Bay by limiting disposal of nutrient-rich wastewater into the Potomac. The project would create more than 350 jobs over the next few years and reduce electricity costs to ratepayers by adding much-needed supply to a constrained region. CPV St. Charles is the only proposed natural gas generating project in the state with its Certificate of Public Convenience and Necessity (CPCN).

    What is preventing this from happening is that current financial markets are not strong enough yet to finance new energy projects without a long term sale of the project’s power, and yet Maryland desperately needs new local electricity supply. To address this situation, CPV filed a petition with the Maryland PSC on July 6, 2009, asking it to require utilities to enter into long-term contracts that can help facilitate the financing of new, clean energy projects that will be essential to power Maryland’s future economic growth. A long-term electricity supply contract will also help smooth out electricity price volatility that Marylanders have come to loathe.

    CPV’s petition provides for the benefits of the regulated environment by providing an “open book” approach whereby the Public Service Commission bases the price to be paid on CPV’s demonstrated costs to construct and operate the St. Charles project. At the same time, this provides protections to ratepayers against cost-overruns and operational risks which are borne by the owners of the St. Charles project. This is a model that has been adopted in other states that performs to the benefit of ratepayers.

    Various studies into the matter—including one commissioned by the Maryland PUC 1—have all concluded that the addition of significant new electricity supplies will result in dramatic environmental and economic benefits. In a study commissioned by the Maryland Legislature, the addition of a power project the size of the St. Charles project would decrease ratepayer power costs by $150 - $400 million per year. CPV’s St. Charles project is the only new combined-cycle facility in Maryland positioned to commence construction in 2010 and, thus, the only option in the State at this time that could create the aforementioned ratepayer benefits.

    Of the more than 3,000 MW of new generation approved by the Commission in recent years, only 200 MW has actually reached commercial operation, as of the end of 2009.2 Projects in general cannot sit on the shelf indefinitely, and the Commission is well aware that lengthy delays ultimately can threaten the likelihood that a project will ever reach commercial operation

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    CPV: Energizing 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, CPV has focused its 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 (MWs) of conventional generation projects in various stages of development across North America. The company’s Asset Management division has more than 4,500MWs 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 solar power projects across North America. Find out more at www.cpv.com.

  • July 6, 2009
    CPV Petition Filed Today Breaks Maryland Generation Gridlock; Improves Environment and Saves Ratepayers Billion$

    Enhanced local reliability and price certainty to jump-start Old Line State economy with support from policymakers, says leading developer

    A Silver Spring, Maryland-based energy company, Competitive Power Ventures, Inc. (“CPV”), took action today requesting the Maryland Public Service Commission (“Commission”) to take greater control over runaway electricity prices by ordering utilities to negotiate long-term contracts, rather than depending solely on current resource-constrained markets.

    “We are strong believers in the power of markets to drive wholesale-level savings that translate into real dollars in ratepayer’s pockets, but this market is in need of a fix,” said Doug Egan, CPV Chairman. “What we are proposing is really quite simple. By adding additional clean electrical supply to a grid-locked region, Marylanders will obtain the maximum rate reduction possible on electricity rates in the current situation. It’s the simple law of supply and demand: add supply to a closed market and prices will fall, benefiting consumers.”

    What is preventing this from happening currently is that dried-up financial markets are not strong enough yet to finance new energy projects, and yet Maryland desperately needs new regionally-based electricity supplies. Requiring utilities to enter into long-term contracts will facilitate the financing of new, clean energy projects that will be essential to power Maryland’s future economic growth. A long-term electricity supply contract will also help smooth out electricity price volatility that Marylanders have come to loathe.

    CPV’s petition provides for the benefits of the regulated environment by providing an “open book” approach whereby the Public Service Commission bases the price to be paid on CPV’s demonstrated costs to construct and operate the St. Charles project. At the same time, this provides protections to ratepayers against cost-overruns and operational risks which are borne by the owners of the St. Charles project. This is a model that has been adopted in other states that performs to the benefit of ratepayers.

    Various studies into the matter—including one commissioned by the Maryland PUC 1—have all concluded that the addition of significant new electricity supplies will result in dramatic environmental and economic benefits. In a study commissioned by the Maryland Legislature, the addition of the St. Charles project would decrease ratepayer power costs by $150 - $400 million per year.

    CPV’s St. Charles project is the only new combined-cycle facility in Maryland positioned to commence construction in 2010 and, thus, the only option in the State at this time that could create the aforementioned ratepayer benefits.

    Of the more than 3,000 MW of new generation approved by the Commission in recent years, only 200 MW has actually reached commercial operation, as of the end of 2009.2 Projects in general cannot sit on the shelf indefinitely, and the Commission is well aware that lengthy delays ultimately can threaten the likelihood that a project will ever reach commercial operation.

    Therefore, today CPV Maryland respectfully requested that the Commission grant the Petition, and order the Investor Owned Utilities (“IOUs”) to negotiate and enter into a CPV MD LTC for the sale of energy and capacity from the St. Charles Project. CPV Maryland further requested that the order contain a provision that requires the IOUs to finalize the CPV MD LTC within thirty (30) days from the issuance of such order stating that should the parties fail to reach such agreement, the Commission Staff will negotiate the respective CPV MD LTC with CPV Maryland on the IOUs’ behalf.

    “As a Maryland-based company, of all the various projects we are involved with across North America, this one is particularly close to our hearts. We know how it can provide significant economic and environmental benefits to our friends and neighbors right here at home where we are growing this progressive energy company, CPV,” said Egan.

    ###

    CPV: Energizing 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, CPV has focused its 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 (MWs) of conventional generation projects in various stages of development across North America. The company’s Asset Management division has more than 4,500MWs 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 solar power projects across North America. Find out more at www.cpv.com.

  • june 4, 2009
    CPV to Provide Asset Management Services at Hereford Ethanol Plant

    SILVER SPRING, MD - Competitive Power Ventures has been retained by Ethanol Acquisition, LLC to manage its 105 MGY Hereford, TX ethanol plant under contract to be acquired through the bankruptcy of Hereford Biofuels, L.P. Ethanol Acquisition is owned by a group of lenders, led by Societe Generale, who had provided construction financing for the plant. CPV is assisting Ethanol Acquisition with closing the acquisition, and will be overseeing the plant‟s transition to „mothball‟ status and liquidating physical commodity positions.

    “We are pleased to have been selected by Ethanol Acquisition to manage their Hereford plant. Our objective is to properly maintain and preserve the facility in anticipation of a future start-up or eventual sale,” says Dave Magill, Senior Vice President, Asset Management for CPV. “Obviously, operating margins are currently tight, but we believe that the Hereford plant has unique technological and geographical advantages that will make the plant a valuable asset within the biofuel industry.”

    “CPV is a great addition to our operations and management team for the Hereford plant”, says Ned Kleinschmidt, CEO of Ethanol Acquisition. “We have worked together frequently on power projects, and I am confident CPV will help transition Hereford to a successful business.”

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    About Competitive Power Ventures Holdings, LLC (CPV)

    Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company headquartered in Silver Spring, Maryland. CPV focuses on developing and operating clean conventional and wind-powered generating facilities. CPV has regional offices in Braintree, Massachusetts, San Francisco, California and Toronto, Ontario, Canada. The company’s development professionals have played critical roles in the successful development of more than 30 generating facilities, representing over 15,000 megawatts of currently operational power generation capacity. For more information please visit www.cpv.com..