Silver Spring, MD, March 31, 2021 – Competitive Power Ventures today announced that its Three Rivers Energy Center (CPV Three Rivers) has earned the North America Single Asset Power Deal of the Year Award by Proximo Infra. The deal closure was the upshot of lengthy coordinated efforts and investments as well as commercial and financial adaptations driven by the pandemic's effect on the market.
“We are excited to see CPV Three Rivers receive this well-earned recognition from Proximo,” said CPV CEO Gary Lambert. “I am grateful for and proud of our incredible team, whose diligence and experience allowed us to close this deal in the face of extraordinarily challenging circumstances. The deal could be a case study for energy companies looking to drive project debt financing with strategic equity partners that meets rigorous standards on a concurrent schedule."
CPV Three Rivers is a $1.3 billion power generation facility that will use new, world-class technology to upend the status quo of Illinois’ power system. The facility will feature GE's highly efficient HA turbine technology, which enables unparalleled efficiency of greater than 64% — approximately 30-40% greater than older baseload electric generation technologies. Enhanced efficiency will allow CPV Three Rivers to conserve resources and require less fuel to generate electricity. Its air-cooled design will reduce water usage by 90% compared to a wet-cooled facility, conserving valuable natural resources.
The challenging market liquidity environment brought on by COVID-19 posed a significant challenge to the capital raising effort for CPV Three Rivers, but project sponsors overcame these hurdles to close the first debt and equity raise in 2020 for a combined-cycle power plant in the ComEd zone of PJM.
CPV Three Rivers’ financing was completed in partnership with GE Energy Financial Services, Osaka Gas USA, Axium Infrastructure, and Harrison Street. Financial closing was arranged on a club basis, with support from a diverse group of 14 international financial institutions and equity partners. The project will sell its power into the PJM market and produce enough energy to meet the demand of up to 1.25 million homes and businesses in Northern Illinois, including Chicago.
CPV Group LP (CPV), a subsidiary of OPC Energy Ltd., 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 5.5 GW of clean generation across the United States. The company’s Asset Management division currently manages 7.9 GW of fossil and renewable generating facilities in nine states for 11 different owner groups. Our focus on Environmental, Social and Governance (ESG) and sustained track record of success have enabled us to grow into one of North America’s premier energy companies. For more information: www.cpv.com and follow CPV on Twitter and LinkedIn.
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