Silver Spring, Md.-based Competitive Power Ventures Holdings LLC (CPV), a North American power industry development and asset management company, has formed an agreement with global private equity firm Warburg Pincus. Under the terms of the agreement, Warburg Pincus will provide additional equity financing for CPV of up to $300 million.
The funding will allow CPV to invest in its power generation development projects, entering into construction and operation over the next few years. CPV currently has nearly 8,000 MW of conventional generation projects in various stages of development and plans to move approximately 2,300 MW of generating capacity into construction over the next two years.
Wind power development plays a significant role within CPV's portfolio. The company has nearly 5,000 MW of wind power projects in development with plans for more.
‘People across North America are clamoring for more clean, domestically produced electric power,’ says Douglas Egan, CPV's CEO. ‘Our focused strategy of creating significant new clean energy supplies across strategic markets, informed by current operational expertise and with a focus on community values, is proving to be a winning approach.’
SOURCE: Competitive Power Ventures Holdings LLC