Silver Spring, MD — May 7, 2019 — Competitive Power Ventures (CPV) today announced it won two 2018 Power Finance & Risk (PFR) “Deals and Firms of the Year” awards. CPV was just named Conventional Power Project Finance Borrower of the Year and the debt refinancing of CPV Shore (Woodbridge Energy Center) was awarded North America Conventional Power Project Finance Deal of the Year.
Every year, PFR polls dozens of industry leaders to determine the most impressive sponsors, lenders, advisers, investors and deals in the power finance sector. This year, organizations were recognized in 19 categories, covering the sector’s best project sponsors, mandated lead arrangers, investment banks, law firms and institutional investors. In addition, individual deals are singled out for special recognition across six categories, covering project finance and mergers and acquisitions in North America and Latin America.
“The CPV Shore refinancing last year was a prime example of a borrower coming up against tough conditions in the debt market and working with its bankers to find a solution, so it is not surprising that voters picked it out as the deal of the year in its category. The PFR team congratulates CPV on both of its awards,” said Richard Metcalf, editor of PFR.
The Deal and Firm of the Year awards recognize CPV’s execution of CPV Shore’s refinancing in one of the most constrained institutional Term Loan B markets in nearly three years. Despite a volatile market with evaporating liquidity, CPV Shore, left lead Morgan Stanley Senior Funding, Inc., MUFG Bank, Ltd, and Crédit Agricole Corporate and Investment Bank navigated the choppy waters and closed the $545 million refinancing in December 2018. In CPV’s first foray into the Term Loan B market, successful execution was driven by creatively attracting some non-traditional Term Loan B market participants. The issuance notably earned the CPV Shore offering a Ba2 rating from Moody’s, the highest and first-ever Ba2 rating Moody’s has awarded for a single power project issuer, reflecting CPV Shore’s strong operating history, well-structured and managed risk profile and fuel source optionality.
Four of CPV’s six most recent project financings have received “Deal of the Year” awards from either Project Finance International or PFR, and for CPV Shore, this is its second Deal of the Year award. CPV Shore’s initial 2014 financing received a Deal of the Year award in part for its market-leading role in broadly opening the commercial bank market to finance partially contracted generation facilities in the U.S.
“The successful refinancing of CPV Shore affirms CPV’s enviable leading position in the U.S. power project financing market by further solidifying CPV’s strong relationships with its existing financiers who participated in the offering and expanding its reach into the institutional market,” said CPV CFO Paul Buckovich. “CPV and its partners plan to continue to access multiple competitive financing sources as CPV’s project portfolio matures.”
“We are honored that PFR has recognized CPV and our financial partners for our commitment to excellence,” said CPV CEO Gary Lambert. “By leading the energy sector in best practices, we can help maintain the world’s most reliable grid as it transforms into a lower carbon future.”
About Competitive Power Ventures
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 offices in Braintree, MA, and San Francisco, CA, the company has ownership interest in 4.2 GW of clean generation across the United States. The company’s Asset Management division currently manages more than 8,800 MW of fossil and renewable generating facilities in eight states for 11 different owner groups. For more information: www.cpv.com. Follow CPV on Twitter: @CPVEnergy
Manager, CPV Corporate Communications