Commercial Operation Achieved for CPV Three Rivers Energy Center

1,250 MW Combined-Cycle Electric Generator to Power Over 1 Million Homes in Illinois and Region

Silver Spring, MD — August 16, 2023 — Competitive Power Ventures (CPV) has announced that the CPV
Three Rivers Energy Center, located in Grundy County, Illinois, has achieved commercial operation and is
now providing clean, safe and reliable power to the electric grid. The $1.3 billion project, managed by
CPV and co-owned along with Osaka Gas USA, Concord Infrastructure Investments, Harrison Street and
Axium Infrastructure is one of the most efficient and lowest emitting facilities of its kind in the world and
will serve as a foundational element for the state and nation’s energy transition.
“CPV Three Rivers is the next of a series of very ambitious projects we have constructed over the last
decade,” said Gary Lambert, CPV’s President and CEO. “After reaching financial close and starting
construction in August 2020, in the middle of a global pandemic, the outstanding team of individuals
from CPV working closely with Kiewit and GE as well as the many local contractors, unions, state
leadership, numerous stakeholders and community leaders worked tirelessly to complete this state-of-
the-art energy center with an exceptional safety record, including zero lost-time accidents.”

Located 60 miles south of Chicago, the combined-cycle facility utilizes a state-of-the-art design powered
by General Electric’s 7HA.02 turbine technology to produce dispatchable power while lowering
emissions for the region and country by displacing older facilities and providing the flexible, on-demand
power needed to reliably integrate additional renewable resources.

“It is truly impressive to see this project reach completion after years of development and construction,”
said State Senator Sue Rezin (R-Peru). “As a longtime supporter of this project, I am excited to see CPV
Three Rivers deliver cost-effective and reliable power to the grid, and I look forward to the CPV team
continuing to be a part of our community.”

Project construction was successfully completed over the course of 34 months by Kiewit Power
Constructors Co. and included as many as 900 skilled workers on site during peak construction. Total
manhours worked during construction exceeded 2.7 million and the project achieved an impressive
zero-time-lost safety record.

“The construction of CPV Three Rivers was an enormous undertaking and we are proud to have
partnered with industry leaders CPV and Kiewit to build this project for our community,” said Tim Drea,
President of the Illinois AFL-CIO. “Over 500 of our members worked safely and diligently to construct
one of the most advanced power generation facilities in Illinois and the country.”

CPV Three Rivers will be staffed by 23 full-time operations personnel and will also create an estimated
75 additional ancillary jobs to provide services to the plant. The project will also contribute significant
tax revenue which will support vital public services and school funding.
“I am beyond thrilled by the completion of this monumental investment in Grundy County and our
community” said Nancy E. Norton, CEO and President of the Grundy County Economic Development
Council. “The whole CPV Three Rivers team, and everyone involved with this project, have been
tremendous to work with and we look forward to having them be a part of our community for years to

Connected to the PJM Interconnection system, CPV Three Rivers will sell its energy, capacity and
ancillary services into the COMED zone of the PJM market and is capable of powering over 1,000,000
homes and businesses. The project’s dispatchable power is expected to help PJM maintain reliability as
it faces potential resource adequacy issues in the years to come due to looming facility retirements and
increasing demand due to electrification.


The CPV Three Rivers Energy Center was made possible by many years of collaboration among
numerous stakeholders including our partners, contractors, unions, state and local leadership as well as
countless community leaders and supporters.

“Osaka Gas USA (OGUSA) is delighted to be part of another CPV project.  CPV Three Rivers achieved
commercial operations, overcoming several challenges during construction. The CPV team has managed
proficiently to resolve these issues, bringing the project to a successful completion,” said Shigeki
Enomoto, Senior Vice President for OGUSA.  CPV Three Rivers can now power well over a million homes
as one of the cleanest and most efficient facilities in the U.S.”

“We’re thrilled that CPV Three Rivers is now operational and has begun powering the equivalent of over
a million homes, schools and businesses in our hometown of Chicago and the surrounding Illinois region
in an efficient and reliable way. This state-of-the-art facility is emblematic of the types of clean
infrastructure and utility assets our team is committed to investing in and developing at scale,” said
Carolyn Arida, Managing Director and Head of Utilities at Harrison Street.

“We are thrilled with the successful commissioning of the CPV Three Rivers Energy Center. Concord and
our partners (Phoenix, Menora, and CME) are honored to be partnering with CPV, Osaka Gas, Axium and
Harrison Street on this long-term investment in a critical and highly efficient power generation facility.
This facility will reliably serve Illinois for many years to come,” said Eran Golan, CEO of Concord
Infrastructure Investments.

“We are delighted that CPV Three Rivers is now operational and will provide power to the equivalent of
over one million homes in the area. Axium Infrastructure is pleased to be partnering with Osaka Gas
USA, Harrison Street, Concord Infrastructure Investments, and CPV on this new power generation facility
that will contribute to long-term clean infrastructure in the Illinois region,” said Paulo Arencibia, Vice
President and Senior Investment Director at Axium Infrastructure.

“CPV Three Rivers is the third GE HA-powered project successfully developed with the CPV team now
providing highly efficient, reliable, and lower-carbon electricity for American homes and businesses,”
said Scott Strazik, CEO of GE Vernova. “GE and CPV’s long-standing relationship is built on collaboration,
technological excellence, and proven project expertise—and GE proudly celebrates this latest milestone
with CPV.”

“The completion of the Three Rivers Energy Center is a testament to the strong commitment and
collaboration of CPV and the local community to ensure safe, reliable power,” said Pegah Skarsgard,
project manager for Kiewit Power Constructors Co. “We are proud to have served as the EPC contractor
and to have used our engineering and construction skills in a way that will have such a positive impact
on the quality of life and resilience of the community.”

“The completion of CPV’s Three Rivers Energy Center is an important milestone for the state as it will
strengthen Illinois’ critical electric generation supply with a new supply of reliable, cost-effective, and
environmentally responsible low emissions generation,” said The Illinois Chamber of Commerce Energy
Council Executive Director Alec Messina. “Illinois businesses depend on affordable, reliable electricity to
keep their doors open and this facility will further enhance our ability to attract new business to the

“The completion of the long development and construction of CPV Three Rivers is great news for Grundy
County and the State of Illinois,” said State Representative Jason Bunting (R-Emington). “This highly
efficient facility will provide reliable and affordable power to our communities that continue to see
increasing energy demand for homes and businesses.”

“I am excited to see CPV Three Rivers producing power and sending it out to the grid to serve the homes
and businesses in Grundy County and beyond,” said State Senator Tom Bennett (R-Gibson City). “CPV
has worked tirelessly over the last several years to bring this facility to fruition and has become an
integral part of the community.”

“The completion of CPV’s Three Rivers Energy Center is an important milestone for the state as it will
strengthen Illinois’ critical electric generation supply with a new supply of reliable, cost-effective, and
environmentally responsible low emissions generation,” said The Illinois Chamber of Commerce Energy
Council Executive Director Alec Messina. “Illinois businesses depend on affordable, reliable electricity to
keep their doors open and this facility will further enhance our ability to attract new business to the

“CPV Three Rivers is a win for Grundy County and Illinois,” said International Union of Operating
Engineers Local 150 President-Business Manager, James M. Sweeney. “The construction of the project
provided hundreds of good-paying jobs for local workers and will continue to provide economic benefits
to the region, in addition to highly efficient power generation.”

“The completion of CPV Three Rivers is a great accomplishment and our skilled members are proud to
have supported the nearly three-year constructions process,” said Doc Gregory, President, Will &
Grundy Counties Building Trades Council. “We look forward to the long-term operation of this facility
and additional opportunities to provide quality workmanship, from highly skilled and highly trained

“Our members are proud to have provided the man hours and expertise to build CPV Three Rivers and
help bring the project online,” said Tom White, Executive Director, Three Rivers Construction Alliance.
“In addition to the direct impact of adding a state-of-the-art power generation facility, our workforce
contributed greatly to the local economy. We thank the local businesses that were crucial in helping us
in our day-to-day work.”

 “CPV Three Rivers has been a great neighbor and supporter of the community throughout the
development and construction of the project,” said Char McDade, President, Goose Lake Prairie
Partners. “We’re excited that the project has been successfully completed and look forward to their
continued involvement in Grundy County and with the Goose Lake Prairie Partners.

“We are happy that CPV Three Rivers is now in operation.  CPV brought a tremendous boost to the local
economy throughout the construction period,” said Grundy County Board Chairman, Chris Balkema.
“With the completion of the facility, they will now be one of the largest taxpayers in the county and will
benefit our economy with funds for our schools, first responders and families for years to come.”


About CPV 

CPV Group LP, a partnership majority owned by OPC Energy Ltd., has over two decades of
unprecedented success in the development and operation of highly efficient and low emitting electric
generation and renewable projects in the United States.  CPV is focused on applying its development,
financial and project management expertise to advance the next generation of technologies, including
an extensive renewable pipeline, and dispatchable power projects that will utilize carbon capture
technology, to yield extremely low carbon power that will help drive the nation’s decarbonization goals
forward. For more information, please visit www.cpv.com.


OGUSA has established its three core businesses of the LNG liquefaction and export, shale gas
development, and power generation so far. OGUSA strives to contribute to achieving a low
carbon/carbon neutral society by developing renewables and methanation (the technology to produce
synthetic methane from Hydrogen and CO2) as well as natural gas related business.

About Harrison Street

Harrison Street is one of the leading investment management firms exclusively focused on alternative real
assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused
on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing,
healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure.

Headquartered in Chicago with offices in Berlin, London, Luxembourg, Madrid, New York, San Francisco,
Tokyo, Toronto and Washington DC, the firm has more than 260-employees and approximately $56 billion in
assets under management. Clients of the firm include a global institutional investor base domiciled in North
America, Europe, Middle East, Asia and Latin America. Harrison Street was awarded Best Places to Work
by Pensions & Investments for eight years (2014-2020, 2022) and was recognized by PERE as the 2021
Alternatives Investor of the Year, North America and 2020 Global Alternatives Investor of the Year. For more
information, please visit www.harrisonst.com.

About Concord Infrastructure Investments

Concord Infrastructure Investments is a privately-owned, long-term investor in infrastructure and
energy in North America, headquartered in Plano, Texas. Concord and its affiliates own a diversified
portfolio of thermal and renewable power generation, transportation, water, social and environmental
infrastructure assets and businesses in the United States and globally.

About Axium Infrastructure

Axium Infrastructure (comprised of Axium Infrastructure Inc. and its affiliated entities) is an independent
portfolio management firm dedicated to generating long-term investment returns through investing in
core infrastructure assets. Axium Infrastructure had over US$8.0 billion in assets under management as
of June 30, 2023, as well as approximately US$1.3 billion in co-investments. With offices in Montreal,
Toronto, Vancouver, New York, and London, the firm benefits from the capabilities of a group of
specialists with decades of experience acquiring, developing, financing, operating, and managing
infrastructure assets. Focus is placed on assets that are supported by robust market demand and under
long-term contract with creditworthy counterparties. Since 2010, the firm has invested in a diversified
portfolio of over 260 infrastructure assets. For further information, including information about other
infrastructure assets the firm has invested in, please visit www.axiuminfra.com. This release is for
informational purposes only and does not constitute an offer or solicitation to buy securities of any

Matt Litchfield
Director, External & Regulatory Affairs
Competitive Power Ventures
(781) 817-8964