CPV Projects Selected as 2020 S&P Global Platts Global Energy Awards Finalists
Winners To Be Recognized At December 10 Global Energy Virtual Awards Gala
Silver Spring, MD, November 16, 2020 – Two Competitive Power Ventures (CPV) projects are finalists for the S&P Global Platts Global Energy Awards, an annual program recognizing exemplary corporate and individual innovation, leadership and superior performance. The 2020 finalists, chosen from some 300 nominated entries from over three dozen countries, were just announced by program host S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets.
The CPV Fairview Energy Center and the CPV Three Rivers Energy Center are the two project finalists for this year’s Global Energy Awards in the categories of Construction Project of the Year and Deal of the Year – Financial, respectively.
CPV Fairview, a 1,050-MW natural gas-fired facility in Jackson Township, Pennsylvania is a $1 billion plant that came online in December 2019, several months ahead of schedule, through outstanding partnerships with Osaka Gas USA, Kiewit as construction contractor, and General Electric (GE) as CPV’s major equipment supplier. Located on a remediated brownfield site, CPV Fairview uses GE’s DLN2.6+ combustion system for enhanced plant economics and was constructed utilizing union labor through local and national contractors: Kiewit, as well as Charles J. Merlo, Laurel Management and Cenergy. It is the first and only facility of its scale in the world to possess high content ethane blending with natural gas capabilities.
CPV Three Rivers is a planned 1,250-megawatt natural-gas-fueled, combined-cycle electric generation facility representing more than $1.3 billion in private investment, including $875 million of senior credit facilities. The project’s financing was completed in partnership with GE Energy Financial Services, Osaka Gas USA, Axium Infrastructure, and Harrison Street. Capital raising for the project was challenged due to the COVID-19 pandemic and ensuing market liquidity considerations but the sponsors prevailed and closed on the market’s first debt and equity raise in 2020 for a Combined Cycle Gas Turbine (CCGT) in the ComEd zone of PJM. Financial closing was arranged on a true club basis with broad-based support from a diverse group of 14 international financial institutions and investment from the equity partners. CPV Three Rivers will utilize GE’s latest highly-efficient HA turbine technology, which enables an unmatched efficiency of greater than 64%, with industry-leading flexibility, and meet the demand of up to 1.25 million homes and businesses serving Northern Illinois, including Chicago.
“We are honored to see CPV Fairview and CPV Three Rivers recognized as finalists in this year’s Global Energy Awards,” said CPV CEO Gary Lambert. “Given the unusual and difficult circumstances presented by a pandemic, I’m especially grateful to reflect back on all of our partners’ contributions toward CPV’s successes this past year in the financing, developing and constructing of these projects. We look forward to many more years of providing safe, reliable, cost effective and environmentally responsible energy to the communities where we build and operate.”
Established in 1999 and often described as “the Oscars” of the energy industry, the S&P Global Platts Global Energy Awards highlight achievement in 21 categories spanning the entire energy complex.
“The Global Energy Awards, nominations and finalists continue to reflect the evolution of the industry, highlighting technology innovations, as well as accelerated focus on energy transition to a lower-carbon environment,” said Martin Fraenkel, president, S&P Global Platts. “Innovation, resolve and transformation were characteristic throughout this year’s applications and each of the finalists and nominees are to be congratulated for their accomplishments.”
Winners will be selected from each corresponding group of finalists by the Global Energy Awards’ independent panel of judges and announced at the live-streamed Global Energy Awards Virtual Gala on December 10th. Energy Company of the Year will be chosen from the entire list of finalists, regardless of original category.
Emmy and Tony award-winning actor and comedian Jason Alexander (Seinfeld’s “George Costanza”) will emcee and entertain at this year’s Global Energy Awards program. View this link (https://youtu.be/NwN8FxgAYnk) to watch Alexander’s engaging and irreverent Global Energy Awards preview.
To view the full list of Awards categories and list of finalists for the 2020 S&P Global Platts Global Energy Awards visit: https://www.spglobal.com/platts/global-energy-awards/finalists.
S&P Global Platts is the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to Platts’ expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping. S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for companies, governments and individuals to make decisions with confidence. For more information, visit http://spglobal.com/platts.
Competitive Power Ventures (CPV) is uniquely positioned to leverage global technology and financial partnerships to help modernize America’s power generation. Together with our investors, partners, host communities and other key stakeholders, we are driven to improve our energy infrastructure by developing and operating power generation facilities using cutting edge, domestically available natural gas and renewable power technologies. Headquartered in Silver Spring, MD, with an office in Braintree, MA, the company has ownership interest in 5.3 GW of clean generation across the United States. The company’s Asset Management division currently manages more than 10.6 GW of fossil and renewable generating facilities in nine states for 13 different owner groups. Our focus on Environmental, Social and Governance (ESG) and sustained track record of success have enabled us to grow into the number one thermal developer and one of North America’s premier energy companies. For more information: www.cpv.com and follow CPV on Twitter and LinkedIn.