Braintree, MA, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Competitive Power Ventures (CPV) today announced it has won Power, Finance & Risk’s (PFR) Conventional Power Deal of the Year Award for its $1.3 billion raise for the CPV Three Rivers Energy Center (CPV Three Rivers). CPV Three Rivers’ financing was completed in partnership with GE Energy Financial Services, Osaka Gas USA, Axium Infrastructure, and Harrison Street. The Illinois-based project is the only conventional greenfield power project to achieve financing last year, amidst the challenges of the COVID-19 pandemic and oil price volatility.
“CPV is honored that PFR has recognized our CPV Three Rivers’ financing with their Conventional Power Deal of the Year Award,” said Gary Lambert, CPV’s CEO. “Once operational, CPV Three Rivers will be a highly efficient power plant which complements intermittent renewable generation and will help the U.S. maintain grid reliability while driving the transition to a clean, responsible energy future.”
The project represents $1.3 billion in private investment, including $875 million of senior credit facilities arranged on a true club basis with broad-based support from a diverse group of 14 international financial institutions and investment from a consortium of equity partners. The senior debt raise was comprised of a $750 million term loan with fixed- and floating-rate tranches and $125 million of ancillary credit facilities, priced at 350 bp over Libor.
“CPV’s Three Rivers’ financing demonstrates our perseverance even in difficult times to bring projects across the finish line and the trust our partners and lenders have in us,” said Paul Buckovich, CPV’s Chief Financial Officer. “Our decades-long financial partnerships and track record of bringing power projects from financing into operation are why we were able to emerge as the only U.S. conventional power project financed last year.”
CPV Three Rivers is CPV’s largest project to date and, once constructed, it will sell power into the PJM market, enough to meet the demand of up to 1.25 million homes and businesses serving Northern Illinois, including Chicago. CPV Three Rivers will GE's latest highly-efficient HA turbine technology, offering quick, flexible generation that can support the inherent intermittency of renewables to help transform the electric grid. Construction, which is led by Kiewit Power Constructors Co., is well underway and commercial operation is expected to begin in 2023.
This year alone, CPV Three Rivers has been the recipient of four prestigious honors and awards. Proximo Infra named the project “North America Single Asset of the Year” in March, followed by IJGlobal announcing it as “North American Power U.S. Deal of the Year” in July. In September, S&P Global Platts named CPV Three Rivers a finalist for their Global Energy Awards Financial Deal of the Year. And now, in November, PFR has named the project their 2020 Conventional Power Deal of the Year.
“Three Rivers was the only major construction gas-fired project financing in the entire US last year and they got it done,” concluded one of the PFR judges. “To get the only one done, I think you deserve some kind of medal.”
About CPV
CPV Group LP, a partnership majority owned by 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, clean and highly efficient technologies. Headquartered in Silver Spring, MD, with an office in Braintree, MA, the company has ownership interest in 5,500 MW of clean generation across the United States and the company’s Asset Management division manages 7,100 MW of generating facilities in nine states. 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.
