Press Releases


  • OCTOBER 23, 2013
    Governor Christie and Mayor McCormac Highlight CPV Woodbridge Energy Center Groundbreaking

    Governor Christie and Mayor McCormac Highlight CPV Woodbridge Energy Center Groundbreaking

    - New, clean power generating facility slated to deliver electric reliability, jobs, and regional economic boost to New Jersey -
    CPV Woodbridge Energy Center - rendering


    CPV Woodbridge Energy Center GroundbreakingWOODBRIDGE TOWNSHIP, NJ — OCT. 23, 2013 — At a marquee event that included
    New Jersey Governor Chris Christie and Woodbridge Mayor John McCormac, project co-owners Competitive Power Ventures (“CPV”), ArcLight Capital Partners and Toyota Tsusho Corp. broke ground to begin construction of the $845 million, 700-megawatt CPV Woodbridge Energy Center.
    The CPV Woodbridge project will help turn the site of a former chemical plant into a state-of-the-art energy center. The project will generate enough electricity to power 700,000 homes, helping
    New Jersey meet its energy demand while improving the state electric system’s reliability and environmental profile. The project is expected to enter commercial operation as soon as the first quarter of 2016 and will be operated by an affiliate of co-owner ArcLight. CPV is managing the construction process.

    “I’m proud to be here today in Woodbridge for the groundbreaking of this state-of-the-art facility that will contribute to New Jersey’s environmental, economic and public health,” said Governor Christie. “This $845 million investment will bring cleaner, more efficient energy to our state and create nearly 500 construction jobs, as well as two dozen permanent jobs in the area. I congratulate and thank Mayor McCormac and CPV for working together to bring this innovative project to our state.”

    “This vital energy infrastructure project would not have been a reality without the visionary leadership of New Jersey Governor Chris Christie, Senate President Stephen Sweeney and Woodbridge Township Mayor John McCormac,” said Gary Lambert, CPV President. “Governor Christie’s and the Legislature’s initiative to bring new energy generation to New Jersey will benefit electricity consumers across the state for years to come. Mayor McCormac’s championing of this project paved the way for significant local economic benefits including long-awaited public access to the Raritan River through a former brownfield site.”

    CPV Woodbridge will provide strong economic benefits to the community -- up to 500 skilled workers during construction, 25 full-time workers during operations, significant tax revenue and contributions to a broader initiative to create public access to the Raritan River.

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    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, 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 Toyota Tsusho Corporation
    Toyota Tsusho is a general trading company that develops diversified businesses through 500 consolidated companies in Japan and overseas and with customers around the world, via a global network covering Japan and more than 60 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. 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.

    ArcLight Capital Partners, LLC
    ArcLight Capital Partners, LLC is an energy-focused private equity investment firm, having invested over $10 billion since its inception over a decade ago. Since its establishment in 2001, the firm has raised five funds with cumulative capital commitments totaling $10.1 billion. ArcLight has successfully sourced, managed and realized investments through multiple energy industry cycles. The firm’s investment team has extensive energy expertise, investing experience, industry relationships and specialized asset level value creation capabilities. ArcLight is headquartered in Boston, MA, with offices in New York and Luxembourg. More information can be found at www.arclightcapital.com.

    MEDIA CONTACTS:

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

  • SEPTEMBER 20, 2013
    Competitive Power Ventures, GE and ArcLight Capital, Announce Financial Closing of $842 Million CPV Woodbridge Energy Center in New Jersey

    Competitive Power Ventures, GE and ArcLight Capital, Announce Financial Closing of $842 Million CPV Woodbridge Energy Center in New Jersey

    - GE to Provide Financing, Technology, Services for 700-MW Natural Gas-Powered Combined Cycle Facility-


    WOODBRIDGE TOWNSHIP, NJ — Sept. 20, 2013 — Competitive Power Ventures (CPV),
    GE Energy Financial Services and ArcLight Capital Partners announced today that they have closed financing for the $842 million CPV Woodbridge Energy Center. GE is providing financing, advanced power generation technology and services for the electric generating facility under construction in Woodbridge, New Jersey — six miles from where Thomas Edison designed the world’s first reliable electric light bulb 134 years ago.

    The project is owned by Competitive Power Ventures, ArcLight Capital Partners and Toyota Tsusho and will be operated by an affiliate of co-owner ArcLight. It is expected to sell its capacity through 15-year Standard Offer Capacity Agreements (SOCA) with New Jersey utilities, and energy through a hedge.

    The CPV Woodbridge project will help turn the site of a former chemical plant into a productive cleaner power generation facility. It will generate enough electricity to power 700,000 homes, helping New Jersey meet its energy demand while improving the state electric system’s reliability and environmental profile. Construction of the project begins this quarter, and it is expected to enter commercial operation as soon as the first quarter of 2016.

    “Land reclamation, environmental benefits, strong community acceptance, a powerful economic impact and labor support: This project is what smart energy development looks like in 2013,” said Gary Lambert, president of Competitive Power Ventures. “We thank New Jersey Governor Chris Christie and Woodbridge Mayor John E. McCormac for their vision and their staffs’ hard work.”

    GE Energy Financial Services served as the administrative agent, and — through GE Capital Markets, Inc. — as CPV Woodbridge Energy Center’s primary lead arranger and bookrunner to anchor $561 million in senior secured credit facilities. GE Energy Financial Services and nine banks are providing the credit facilities. Financial details were not disclosed.

    GE’s Power & Water business is supplying its FlexEfficiency* 60 combined-cycle technology as well as engineering services for the 700-megawatt, natural gas-powered project. GE also will support the long-term availability of the CPV Woodbridge Energy Center through a 16-year contractual services agreement (CSA).


    “We have a long relationship with GE, a proven company that provides the full scope of project needs, from financing to equipment and services,” added Lambert. “GE’s advanced, highly efficient and flexible combined-cycle technology will help us provide one of the most competitive energy sources to New Jersey’s ratepayers.”

    Included in the project’s $260 million GE equipment and services order is the company’s FlexEfficiency 60 combined-cycle engineered equipment package. The package comprises two, fast-start 216-megawatt 7F 5-series gas turbine generators, one D-11A steam turbine generator in a “2x1” configuration and two duct-fired, triple-pressure reheat heat recovery steam generators. It also includes the CSA.

    “GE can uniquely offer customers financing, generating equipment and services on a large scale,” said Vic Abate, president and CEO — Power Generation Products for GE Power & Water. “This package will help ensure the success of the CPV Woodbridge Energy Center, meet the affordable energy needs of New Jersey residents and support manufacturing jobs.”

    GE’s two fast-start 7F-5 gas turbines will be manufactured in Greenville, SC, while the D-11A steam turbine and three electric generators will be made in Schenectady, NY. GE’s 7F-5 gas turbine is a reliable, fast-ramping machine with high efficiency, low emissions and low turndown capability to support the integration of renewables. It builds on GE’s F-class technology with more than 1,100 gas turbines installed globally, accumulating nearly 50 million operating hours.
    The project debt that GE Capital Markets, Inc. arranged is the first sizeable project financing of a greenfield, partial-merchant power project to be broadly syndicated in the traditional project finance bank market in many years. The debt syndication was oversubscribed, reflecting the project’s strong fundamentals. 

    “By providing both capital and technology for the Woodbridge Energy Center, we are applying our skills as banker and builder, drawing on our financial strength, risk management and technical know-how,” said Alex Urquhart, president and CEO of GE Energy Financial Services. “These skills are especially important when working with customers with whom we have long-standing relationships – CPV, ArcLight and Toyota Tsusho.”  

    CPV Woodbridge will provide economic benefits to the community -- up to 500 skilled workers during construction, 25 full-time workers, tax revenue and contributions to a broader initiative to create public access to the Raritan River.

    * Trademark of General Electric Company.
    Note to editor: Link to artist’s rendering of the Woodbridge Energy Center, click here.

    ###

    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, 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.

    ArcLight Capital Partners, LLC
    ArcLight is one of the leading private equity firms focused on North American energy infrastructure assets.  Since its establishment in 2001, ArcLight has invested over $10 billion across multiple energy cycles in more than 100 power, midstream and production assets.  Headquartered in Boston, Massachusetts with an additional office in Luxembourg, the firm’s investment team brings extensive energy expertise, industry relationships, and specialized value creation capabilities to its portfolio. Visit www.arclightcapital.com for more information.
     
    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 $18 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.

    CONTACTS:

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

                                                               
    Susan Waldron
    GE Power & Water
    +1 816-313-4840
    susan.waldron@ge.com
                                       
    Tom Murnane or Howard Masto
    Masto Public Relations
    +1 518-7866488                                             
    tom.murnane@mastopr.com
    howard.masto@ge.com

    Andy Katell
    GE Energy Financial Services
    +1 203 961 5773

  • MAY 16, 2013
    California’s Newest Power Plant Goes Online Three Months Early, in Time for Summer Heat

    California’s Newest Power Plant Goes Online Three Months Early, in Time for Summer Heat

    CPV, GE & DGC begin commercial operations at
    800‐megawatt CPV Sentinel Energy Project in Riverside County

    DESERT HOT SPRINGS, CALIF. ‐ May 16, 2013 - California’s newest power plant, the 800‐megawatt CPV Sentinel Energy Project, has begun flowing electricity to the grid three months early, in time for the summer heat. Competitive Power Ventures, Inc. (CPV), GE (NYSE:GE) unit GE Energy Financial Services and Diamond Generating Corporation (DGC) said the California Independent System Operator (CAISO) and the California Energy Commission have declared commercial operations while the Chief Building Officer issued a final Certificate of Occupancy for the natural gas‐powered plant in Riverside County.

    The CPV Sentinel Energy Project is located near Desert Hot Springs, amidst wind farms producing 600 megawatts of electricity, five miles northwest of Palm Springs. The project uses the most modern “peaking” power generation technology available, the GE LMS100 aeroderivative gas turbine, to provide electricity to approximately 640,000 homes in Southern California Edison’s service territory. Eight units with quick‐starting and fast‐ramping capability make the project a perfect fit for Coachella Valley residents during the summer days of triple‐digit temperatures and peak energy use, while also backing up California’s growing solar and wind farms that literally surround the plant.

    “With California’s San Onofre nuclear plant off‐line and power reserve margins expected to be tight, it is more important than ever that the CPV Sentinel Energy Project be available to support electric reliability this summer,” said John Murphy, Senior Vice President of Engineering and Construction for CPV. “Gemma Power Systems did a fantastic job of working with GE and our team to complete this project ahead of schedule and on budget.”

    Gemma Power Systems California, Inc. was the general contractor overseeing construction of the project, which created over 350 direct and indirect jobs and infused the local economy with approximately $30 million in sales tax. Over 731 thousand construction hours went into building the project. By providing a clear path to commercialize critical infrastructure projects, California leads the way in developing a clean and efficient energy sector.

    Through payment for emissions offsets, the project has helped fund a wide array of air improvement initiatives in the Coachella Valley. Paid for entirely by CPV Sentinel, the South Coast Air Quality Management District has awarded nearly $53 million for 26 emission‐reduction projects, including replacing or cleaning up school district buses, installing air filtration systems in classrooms and assisting local cities with solar panel installations and dust control.

    The project uses Best Available Control Technology for air emissions and Zero Liquid Discharge for water usage, making it one of the state’s most environmentally friendly natural gas‐fired power generation facilities. The commencement of Sentinel’s operations allows the grid operator to rely less on older and inefficient power generation.

    The project is providing power based on short‐term sales agreements now. Beginning in August, CPV Sentinel will supply electricity under a long‐term power purchase agreement to Southern California Edison, an Edison International (NYSE: EIX) company. CPV, the managing member, developer and asset manager, owns 25 percent of the project, while DGC owns 50 percent and will serve as the plant’s operator and GE Energy Financial Services owns 25 percent. The project is expected to provide $6.4 million in annual property taxes for the life of the asset.

    GE’s LMS100® aeroderivative gas turbine, which uses advanced intercooling technology, is the world’s most efficient simple‐cycle gas turbine. With an output of more than 100 megawatts, unmatched hot‐day performance due to intercooling, and capable of operating on both gas and liquid fuels, the machine defines a new era of flexible and efficient power generation. The LMS100 provides full output within 10 minutes of a cold start. With unparalleled efficiency and flexibility, the LMS100 is an ideal solution for power generation planners and developers needing to support variable loads.

    For more information please visit: www.cpvsentinel.com

    # # #

    About Competitive Power Ventures
    Competitive Power Ventures, LLC (CPV) is dedicated to increasing North 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. Headquartered in Silver Spring, Md., with offices in Braintree, Mass., San Francisco, Calif., and Toronto, Ontario, the company currently has 5,000 MW of conventional generation projects in various stages of development. The company's Asset Management division has ramped up to more than 4,200 MW of natural gas generation under management and has been expanding into wind generation facility management. CPV Renewable Energy Company (REC) is currently developing 1,300 MW of wind power projects across North America, with plans for more. CPV REC has recently expanded its development portfolio to include utility‐scale solar power generation.


    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 an approximately $20 billion global energy portfolio. More information: www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ

    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 Diamond Generating Corporation
    As a wholly owned subsidiary of Mitsubishi Corporation, one of the world's most diverse enterprises, with over 500 subsidiaries and affiliates worldwide, Diamond Generating Corporation (“DGC”) has developed a reputation for financial strength and long‐term stability. DGC’s expertise in power development and generation, including greenfield development, acquisition, fuel procurement, financing, construction, operations services and asset management has resulted in a portfolio of efficient,state‐of‐the‐art, environmentally sound generating facilities. Headquartered in Los Angeles, DGC currently owns 10 operating power generating facilities around the U.S. totaling 5,000 MW, with about 1,850 MW of net equity. Of these projects, two are wind projects and the remainder of the portfolio is natural‐gas fired. DGC currently operates four of its facilities in California.


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    For more information, contact:
    Braith Kelly Competitive Power Ventures
    (860) 546‐2008
    bkelly@cpv.com