Project Reached Financial Close With Equity From Five Co-Investors And A Combination Of Fourteen Floating- And Fixed-Rate Senior Debt Providers
Silver Spring, MD, July 8, 2021 — Competitive Power Ventures today announced that the Three Rivers Energy Center (CPV Three Rivers) has earned the 2020 North American Power U.S. Deal of the Year Award from IJGlobal.
The IJGlobal awards recognize and celebrate best-in-class transactions and organizations across the international infrastructure and energy sectors. CPV Three Rivers is recognized for its creative commercial structure and its multi-faceted capital raise successfully executed in the face of a liquidity constrained, challenging financing market significantly disrupted by the COVID-19 pandemic.
“We are extremely pleased to see CPV Three Rivers receive this prestigious award from IJGlobal,” said CPV CFO Paul Buckovich. “The completion of this deal in spite of challenging pandemic-related circumstances is a testament to the strength and resilience of the CPV team, our commercial partners, our capital investors/lenders, and our steadfast commitment to cost-effective, environmentally responsible power generation.”
CPV Three Rivers is a $1.3 billion, 1,250-megawatt, air-cooled power generation facility that will use GE’s highly efficient HA turbine technology to become one of the most efficient electric generating facilities in Illinois and the nation. New natural-gas-fired power plants like CPV Three Rivers offer quick, flexible generation that can support the inherent intermittency of renewables to help transform the electric grid and better meet the needs of future generations. Recent blackouts in California and elsewhere demonstrate the importance of using natural gas generation to maintain grid reliability in spite of variable supply and demand.
“Even though CPV Three Rivers’ debt quantum pushed against the size constraints of the bank market, the deal was able to achieve competitive loan pricing initially targeted, without needing to flex, a remarkable achievement given the size of the transaction and the pandemic,” wrote IJGlobal.
Commercial operations for CPV Three Rivers are expected to begin in 2023. The facility will create substantial local and regional benefits, including hundreds of millions of dollars in private infrastructure and significant new revenues for local governments and businesses in Grundy County, Illinois. CPV has executed a long-term redevelopment plan that will help support the county’s tax base, public services and economic development. The plan will support local schools, offset declining revenue streams and improve infrastructure.
The project’s financing was completed in partnership with GE Energy Financial Services, Osaka Gas USA, Axium Infrastructure, and Harrison Street.
CPV Group LP (CPV), a subsidiary of 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, domestically available natural gas and renewable power technologies. Headquartered in Silver Spring, MD, with an office in Braintree, MA, the company has ownership interest in 5.5 GW of clean generation across the United States. The company’s Asset Management division currently manages 7.9 GW of fossil and renewable generating facilities in nine states for 11 different owner groups. 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.
Director, CPV Corporate Communications