Global Infrastructure Partners (GIP), a leading independent global infrastructure investor, recently announced that its second fund, Global Infrastructure Partners II, has agreed to acquire the principal holdings of Competitive Power Ventures (CPV).
The transaction includes equity interests in a portfolio of power generation projects, as well as CPV’s development and asset management platforms. CPV’s management team will continue to lead the business and develop value-added investment opportunities in the U.S. power sector.
Competitive Power Ventures Holdings, LLC (CPV) is a leading North American electric power generation development and asset management company headquartered in Silver Spring, Maryland, with offices in Braintree, Massachusetts, Houston, Texas, and San Francisco, California.
With this transaction, GIP will succeed Warburg Pincus as principal owner of CPV. Warburg Pincus funded CPV’s activities, helping CPV CEO Doug Egan and President Gary Lambert to establish and grow the CPV platform. J.P. Morgan served as CPV’s financial advisor to this process.“We are very excited by the opportunities created by GIP’s investment. These past five years CPV has experienced accelerating growth and we look forward to making the next five years even more dynamic,” said Doug Egan. “At the same time we are grateful to Warburg Pincus for their confidence in us, and all they’ve done to help get us to this point.”“This transaction gives CPV access to significant capital to invest in infrastructure, which aligns with our long term strategy of continuing our successful track record of large-scale development while adding scale as an owner-operator of generation assets and expanding the breadth of CPV’s asset management services,” said Gary Lambert. “This deal positions us perfectly for our next phase of growth.”
The transaction is expected to close in the second quarter of 2015.
Commenting on the transaction, Adebayo Ogunlesi, Chairman and Managing Partner of GIP said:
“This transaction combines a portfolio of high quality power projects with an experienced management team that has an outstanding track record in independent power development and asset management. We look forward to working with CPV’s management to develop further attractive investment opportunities in power generation infrastructure.”
Within the past two years, the company has permitted 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 and expects to commence construction on its CPV Valley Energy Center (720 MW) in Orange County, New York in the third quarter of 2015. In New England, CPV is updating permits at the Connecticut Siting Council and also expects to commence construction on the CPV Towantic Energy Center (805 MW) during 2015. These significant projects follow a series of successful utility scale wind farms previously developed by CPV. CPV also has several projects in the development pipeline and expects to announce its next round of projects in the coming year.
Global Infrastructure Partners (GIP) is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses in both OECD and select emerging market countries.