CPV To Acquire Operating Wind Portfolio from Patriot Renewables
81.5 MW Portfolio Supplies Municipal Utilities throughout New England
SILVER SPRING, MD – Competitive Power Ventures (CPV) announced today that it has closed on the acquisition of four operating wind farms in Maine from Patriot Renewables (Patriot) and other project owners. The acquisition adds 81.5 MW to CPV’s existing renewable portfolio and will contribute to the company’s mission to provide environmentally responsible power as both the region and the nation accelerate efforts to lower the carbon footprint of the electric sector. The deal was announced earlier this year and has recently received regulatory approval.
“The acquisition of these four projects is a step forward for CPV as we continue to grow our renewable operating portfolio. The projects contribute meaningfully to the supply of clean reliable energy in New England and to our municipal utility customers,” said Sean Finnerty, EVP of Mergers & Acquisitions and Renewable Energy for CPV. “We look forward to working to ensure the continued safe operation of the wind projects.”
The acquired projects are Canton Mountain Wind (22.8 MW), Saddleback Ridge Wind (34.2 MW), Spruce Mountain Wind (20 MW) and Beaver Ridge Wind (4.5 MW). The projects supply renewable energy to multiple municipal utilities across New England.
“These Maine wind projects were early successes for renewable energy in New England, demonstrating that clean power was possible in the region,” said Trevor Childs, Principal and Co-founder of Patriot Renewables. “We look forward to supporting CPV with ongoing windfarm operations and reinvesting in sustainable technologies and developments.”
The acquisition raises CPV operating and in construction wind and solar portfolio to 8 projects totaling over 630 MW and over 3,000 MW of wind, solar and storage projects in active development across key markets in the United States.
CPV Group LP, a partnership majority owned by OPC Energy Ltd., has over two decades of unprecedented success in the development and operation of highly efficient and low emitting electric generation and renewable projects in the United States. CPV is focused on applying its development, financial and project management expertise to advance the next generation of technologies, including an extensive renewable pipeline, and dispatchable power projects that will utilize carbon capture technology, to yield extremely low carbon power that will help drive the nation’s decarbonization goals forward.
For more information: please visit www.cpv.com and follow CPV on Twitter and LinkedIn.
About OPC Energy
OPC Energy is the first private electricity company in Israel. The Company was incorporated in 2010 and is active in the field of power generation and supply, including development, construction, and operation of power plants, as well as power generation and supply to private customers and to Israel Electricity Corporation (IEC). The Company generates about 5% of the electricity consumption in Israel.
For more information: please visit www.opc-energy.com/en.
About Patriot Renewables
Patriot Renewables, LLC is a developer, owner, and operator of commercial-scale wind, solar and energy storage projects. The Patriot team which includes Patriot Renewable Energy Capital, LLC is comprised of skilled individuals with proven abilities in project development, environmental stewardship, finance and tax equity investments. Patriot Renewables is an affiliate of Jay Cashman, Inc., an experienced, multidisciplinary East Coast construction firmwhich hasexecuted some of the most difficult and complex projects across the globe.
For more information, please visit www.patriotrenewables.com and follow Patriot Renewables on Facebook and LinkedIn.
Director, External & Regulatory Affairs
Competitive Power Ventures