GIP intends to fund CPV’s next round of corporate growth including constructing the Valley and Towantic projects as well as providing funding for CPV’s ongoing project development activity. This investment in CPV complements GIP’s existing power generation investments in the Americas and continental Europe.
GIP succeeds Warburg Pincus as the principal owner of CPV. J.P. Morgan served as CPV’s financial advisor to this process.
CPV currently has 6,000 MW of conventional generation projects in various stages of development across North America. The company’s Asset Management division has more than 7,550 MW of natural gas generation and wind power under management. Headquartered in Silver Spring, MD the fimr has offices in Braintree, MA, Houston, TXand San Francisco, CA.
CPV CEO Doug Egan stated:
“CPV is an energy company committed to making this country a better place economically, environmentally and from an energy standpoint. We are very pleased that GIP understands the value of this approach and supports it with their outstanding sector expertise, financial strength and insight.”
CPV president, Gary Lambert, commented:
“This transaction gives CPV access to significant capital to invest in infrastructure at a time when this country is making major changes to the power system. GIP‘s funding, combined with CPV’s proven development and asset management expertise is a potent combination to fuel growth as one of the premier generating companies in the U.S.”
Within the past two years, the CPV has permitted and financed the CPV Woodbridge Energy Center (725 MW) in central New Jersey and the CPV St. Charles Energy Center (725 MW) in Southern Maryland, both of which are now in construction.
Recently, CPV obtained all of its permits on its CPV Valley Energy Center (720 MW) in Orange County, New York and expects to commence construction in the third quarter of 2015. In New England, the Connecticut Siting Council in May 2015 approved the CPV Towantic Energy Center (785-MW nameplate capacity). CPV expects to commence construction during late 2015.