Press Releases

  • december 22, 2010
    CPV’s 152-MW Keenan II Wind Farm in Northwest Oklahoma Commences Commercial Operation

    CPV’s 152-MW Keenan II Wind Farm in Northwest Oklahoma Commences Commercial Operation

    - Company Continues To Advance, Despite Turbulent Times for the Industry -

    Silver Spring, MD, December 22, 2010 - CPV Renewable Energy Company -- an affiliate of Competitive Power Ventures, Inc. - announced today that it has completed construction and testing of its 152-megawatt (MW) Keenan II wind farm in Oklahoma and the project is now delivering clean, renewable energy into the electric grid.

    Located on approximately 8,000 acres 12 miles southwest of Woodward, Oklahoma, the project is the second phase of a multi-phased wind generation project with a total build-out potential exceeding 350 MW. CPV developed and sold the 101 MW Keenan I wind farm to Oklahoma Gas & Electric (OG&E) in September 2008. The Keenan II project has secured a 20-year power purchase agreement with OG&E. In addition to CPV, the wind farm is co-owned by GE Energy Financial Services and Tyr Keenan II, LLC, an indirect subsidiary of ITOCHU Corporation.

    "We are delighted to bring this wind farm project in on-schedule and to be generating more clean energy for the people of Oklahoma," said Sean Finnerty, head of CPV's Renewable Energy Company (CPV REC). "Keenan II will provide energy and environmental benefits to people of this region for decades to come. We could never have accomplished this without the bold and visionary leadership of OG&E."

    The 66 Siemens 2.3 MW wind turbines comprising Keenan II are expected to generate enough electricity to power approximately 45,000 average Oklahoma homes and avoid approximately 413,000 short tons a year in greenhouse gas emissions-the equivalent of taking nearly 72,000 cars off the road.

    "CPV has played an important role in helping us achieve our goal of quadrupling our wind portfolio - first with OU Spirit, and now with Keenan II," said Jesse Langston, vice president of Utility Commercial Operations at OG&E. "We appreciate the relationship and look forward to working with CPV as they continue to support our efforts to meet the increasing need for renewable energy options."

    CPV REC, 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 large-scale development of renewable energy.

    In the coming year, CPV expects to complete construction of its 200 MW Ashley wind farm in Kansas and the 165 MW Cimarron wind farm in North Dakota.

    ###

    CPV: Energizing America's Future
    Headquartered in Silver Spring, MD, with offices in Braintree, MA and San Francisco, CA the company currently has 5,500 megawatts (MWs) of clean, natural gas 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 7,500 MWs of wind power and photovoltaic projects across North America. Find out more at www.cpv.com.

  • october 21, 2010
    itochu joins general electric by co-investing in oklahoma wind farm

    ITOCHU joins General Electric by co-investing in Oklahoma wind farm

    ITOCHU Corporation (headquartered in Minato-ku, Tokyo; hereinafter "ITOCHU") and General Electric Company (headquartered in Fairfield, CT, USA) announced today that they have completed the first transaction under their collaboration agreement by making a co-investment in the estimated $319 million CPV Keenan II wind farm under construction in Oklahoma.

    GE Energy Financial Services has sold a portion of its $65 million preferred equity interest in the wind farm to Tyr Keenan II, LLC, an indirect subsidiary of ITOCHU Corporation. This co-investment is the first transaction under the collaboration and cooperation agreement that GE and ITOCHU finalized in May to identify co-investment opportunities in renewable energy worldwide. ITOCHU and GE also retain the option to jointly invest an additional $100 million in partnership equity upon commencement of Keenan II's commercial operation, expected in December.

    GE Energy Financial Services originally invested in Keenan II, a 152-megawatt wind farm developed by CPV Renewable Energy Company, in February of this year. Located 12 miles southwest of Woodward, Oklahoma, the project will consist of 66 2.3-megawatt wind turbines spread over 8,000 acres, and is expected to generate enough electricity to power approximately 45,000 average Oklahoma homes and displace approximately 413,000 short tons a year in greenhouse gas emissions(1) -- the equivalent of taking nearly 72,000 cars off the road. The project has secured a 20-year power purchase agreement with Oklahoma Gas & Electric Company. The construction, led by Delaney Group, Inc., is on schedule. Major construction milestones include the development of access roads, laying of turbine foundations, developing a power collection system, substation, transmission line, meteorological towers and erection of the turbines. Operations and maintenance services have previously been contracted to NAES Corporation, a wholly-owned subsidiary of ITOCHU and the world's largest independent, third-party provider of power plant operations and maintenance services.

    Wind comprises more than 80 percent of GE Energy Financial Services' renewable energy portfolio. The portfolio includes equity investments in 58 wind farms with a total capacity to produce 6.1 Gigawatts of electricity, as well as loans to 38 wind farms totaling 1.4 Gigawatts. GE Energy Financial Services' renewable energy investments reinforce GE's ecomagination initiative, a program to help its customers meet their environmental challenges while expanding its own portfolio of cleaner energy products. GE Energy Financial Services' renewable energy investments have helped 20 states meet their renewable portfolio standards, regulations requiring increased electricity generation from renewable sources. GE Energy Financial Services holds a renewable energy investment portfolio of US $6 billion, working with a wide variety of developer and investment partners. The investments span wind, solar, biomass, hydroelectric and geothermal power generation projects.

    ITOCHU, in its Frontiere 2010 medium-term management plan, is forging ahead with the development of new businesses in the Life & Healthcare area, which comprises medical and health-related businesses; the Infrastructure area, focusing on functional infrastructure and social infrastructure; the New Technologies & Materials area, mainly biotechnology, new materials, and clean technologies; and the Environment & New Energy area. Taking the initial letter of each business area and synergy, ITOCHU refers to these business areas as L-I-N-E-s. Along with the strategy, ITOCHU is set to aggressively pursue investment opportunities in the infrastructure area, including power generating assets utilizing renewable energy.

    About CPV Renewable Energy Company

    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 Competitive Power Ventures, please go to www.cpv.com.

    About GE Energy Financial Services

    GE Energy Financial Services' experts invest globally across the capital spectrum in essential, long-lived and capital-intensive energy assets that meet the world's energy needs. In addition to capital, GE Energy Financial Services offers the best of GE's technical know-how, technology innovation, financial strength and rigorous risk management. Based in Stamford, Connecticut, USA, the GE business unit helps its customers and GE grow through new investments, strong partnerships and optimization of its US $21 billion in assets. For more information, visit http://www.geenergyfinancialservices.com

    About GE

    GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

    About ITOCHU Corporation

    ITOCHU is a diverse trading and industrial company headquartered in Tokyo with revenues of more than 3,416 billion yen in the fiscal year ending March 31, 2010. It operates over 400 subsidiaries and affiliates involved in textile, machinery, information and communications technology, aerospace, electronics, energy, metals, minerals, chemicals, forest products, general merchandise, food, finance, realty, insurance, and logistics services. http://www.itochu.co.jp

    About Tyr Energy Inc.

    Tyr Energy is the dedicated IPP investment holding company of ITOCHU Corporation. Tyr Energy focuses on investment and development of North American power generation assets. Current portfolio of equity ownership and development includes gas fired facilities and biomass in various states.

    (1) According to U.S. Environmental Protection Agency methodology

    Editor's Note:

    TV News B roll of wind farms can be found at: http://www.geenergyfinancialservices.com/digitalRoom.asp

  • march 17, 2010
    Mississaugas of the New Credit First Nation and CPV Canada announce agreement to collaborate on new energy development and economic opportunities

    Toronto, Ontario, March 17, 2010 – CPV Canada Development ULC (“CPV”) and the
    Mississaugas of the New Credit First Nation (“New Credit”) today were pleased to
    announce they have signed a community agreement. This agreement begins a long‐term
    working relationship between the two parties.

    The agreement calls for communication and engagement in areas that relate to CPV
    projects and activities, including employment and business opportunities.

    “This is the beginning of a positive relationship that will be a benefit to our First Nation
    for a long time. New Credit will have the opportunity to benefit from training,
    employment and business ventures. It is all about building relationships,
    communicating openly and the most important is working together cooperatively,” said
    Bryan LaForme, Chief of the Mississaugas of the New Credit First Nation.

    “Community partnership is a focus for our company,” said Gary Lambert, CPV President.
    “This community agreement lays out the foundation for what we believe will be a
    lasting and fruitful relationship between the Mississaugas and our clean energy
    company.”

    CPV is currently working in the region on the CPV Nanticoke Energy Centre: a proposed
    1,200 MW combined‐cycle natural gas‐powered electric generating facility that is being
    developed in Haldimand County, Ontario.

    CPV Nanticoke is projected to create over 600 local construction jobs over a 30‐36
    month construction period and inject upwards of $200 million into the local labour
    market.

    The total private investment footprint when considering the power plant, natural gas
    pipeline, and associated infrastructure, is expected to be in excess of $2 billion. The
    facility will enable much‐needed natural gas infrastructure to supply manufacturing
    needs, employment areas, and residential and commercial consumption in Haldimand
    County, Six Nations of the Grand River Territory and Mississauga of the New Credit.

    The Nanticoke Energy Centre has received all relevant local planning consents and
    approvals, and is in advanced stages of the Environmental Assessment process.
    CPV Canada Development ULC, an affiliate of Competitive Power Ventures, Inc., is
    advancing a broad portfolio of wind and natural‐gas generation projects across North
    America. Led by a blue chip management team and the financial backing of the
    investment fund Warburg Pincus, CPV 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.

  • february 16, 2010
    CPV Renewable Energy Company (“CPV REC”) Closes Keenan II Wind Farm Financing - 152-Megawatt Green Energy Facility to Power Cleaner Sooner State

    Silver Spring, MD, February 16, 2010 –CPV Renewable Energy Company -- an affiliate of Competitive Power Ventures, Inc. – announced that it has closed on financing and plans to begin construction on the 152-megawatt (MW) Keenan II wind farm, over approximately 8,000 acres 12 miles southwest of Woodward, Oklahoma. The project is scheduled for completion by year’s end. It is the second phase of a multi-phased wind generation project with a total build-out potential exceeding 400 MW.

    Keenan II is expected to generate enough electricity to power approximately 45,000 average Oklahoma homes and avoid approximately 413,000 short tons a year in greenhouse gas emissions1—the equivalent of taking nearly 72,000 cars off the road. The project has secured a 20-year power purchase agreement with Oklahoma Gas & Electric Company.

    CPV REC selected an eight-bank club to provide a debt facility to fund project costs during construction, which converts to a term financing facility upon commercial operation. The lenders include: The Bank of Tokyo-Mitsubishi, Union Bank, Key Bank, Helaba, LBBW, Natixis, ING, and Rabo Bank. GE Energy Financial Services will provide tax equity for the project The Delaney Group, Inc. will construct the project, which will consist of 66 Siemens 2.3 MW turbines. The Siemens SWT-2.3-101 wind turbine is a proven technology with more than 2,000 operating worldwide and is well-regarded throughout the industry.

    The commencement of construction on Keenan signals that CPV shows no signs of slowing down its brisk pace of renewable energy development exhibited throughout 2009. In the second half of 2009 alone, CPV REC executed over 500 MW of long-term power purchase agreements. CPV REC has contracted wind farms scheduled to enter commercial operation in 2010, 2011 and 2012.

    "We are pleased to close financing and commence construction on the Keenan II Wind Farm. This is another step forward in CPV’s mission to advance clean, green energy across North America,‖ said Sean Finnerty, CPV REC chief and CPV Senior Vice President. ―CPV is pleased to be working with such outstanding professional partners and the good people of Oklahoma to advance America’s clean energy future. Projects like Keenan II are the tangible signs that working together, we are making great progress."

    "The high level of interest from the financial community is a clear indication that, despite the turbulent markets, well developed power projects are an attractive investment opportunity. CPV Keenan is pleased to be working with some of the leading lenders in the power sector, said Finnerty. ―The oversubscription of the debt indicatesthe strength of the project’s development and level of confidence the market has in the management of Competitive Power Ventures. CPV has brought together industry leaders in project finance, tax equity, construction, and wind turbines to make the Keenan wind farm a reality for the citizens of Oklahoma and the customers of Oklahoma Gas & Electric."

    CPV REC, 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 large-scale development of renewable energy.

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

    ###

    1 -- According to U.S. Environmental Protection Agency methodology

    CPV: Energizing America’s Future
    Competitive Power Ventures, LLC (CPV) is dedicated to increasing America’s sustainability; both economically and environmentally by using domestically-available energy sources, like wind, solar and natural gas. 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 4,500 megawatts (MWs) of clean, natural gas 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 photovoltaic projects across North America. Find out more at www.cpv.com.

  • january 14, 2010
    CPV renewable energy company and tva announce second long-term wind ppa - 165 mw deal in kansas is third this year for cpv rec

    Silver Spring, MD, January 14, 2010 – CPV Renewable Energy Company (“CPV REC”) announced today that it has executed a 20‐year power‐purchase agreement with the Tennessee Valley Authority (“TVA”) for 165 MW from its Cimarron wind energy project in Gray County, Kansas.

    The Cimarron project has already received local approvals and will complete permitting in 2010. CPV will construct and operate the wind farm which is expected to start producing power in 2011. CPV Cimarron was one of the renewable energy projects selected from more than 60 responses to a TVA request for proposals issued in December of last year. This is the second long‐term power purchase agreement CPV REC has entered into with TVA and the third long‐term agreement CPV REC has announced recently.

    “CPV is working to help energize America’s future,” said Sean Finnerty, CPV Sr. Vice President. “CPV and TVA have again teamed up to advance the growth of clean, renewable energy resources as part of a bridge to a sustainable energy future. TVA’s bold leadership in choosing environmentally clean sources of electricity to meet their generation needs is to be commended.”

    CPV REC has executed over 500 MW of long‐term power purchase agreements in the last several months. In October, CPV REC and TVA announced a 200 MW power purchase agreement from CPV REC’s Ashley wind farm in North Dakota. In September, CPV and Oklahoma Gas & Electric Company agreed to a 152 MW power purchase agreement from CPV’s Keenan wind farm in Oklahoma. CPV REC has wind farms scheduled to enter commercial operation in each of 2010, 2011, and 2012.

    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 with 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 by using domestically-available energy sources, like wind and natural gas. 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 4,300MWs 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 photovoltaic projects across North America. Find out more at www.cpv.com.