CPV Wind Ventures LLC, a joint venture between Competitive Power Ventures Inc. and affiliates of ArcLight Capital Partners, has reached an agreement with Iberdrola Renewable Energies USA Ltd., a wind project developer based in Wayne, Pa., in which Iberdrola will acquire all interests in CPV Wind.
CPV Wind has developed a diverse portfolio of projects totaling 3,500 MW across 15 states, the company says. It is expected that commercial operation of the projects will start as soon as 2008.
‘CPV Wind's sale to Iberdrola will ensure these projects are commercially competitive and help meet this nation's goal of increasing the supply of clean, renewable electric generation,’ comments Doug Egan, CPV's chair and chief executive officer.
According to the companies, the transaction is expected to close by early May.