Iberdrola to Acquire Wind Developer CPV Wind Ventures

Competitive Power Ventures, Inc. (CPV) announced that it has reached agreement for the sale of CPV Wind Ventures, LLC to Iberdrola Renewable Energies USA, Ltd. The transaction includes the sale of all interests in CPV Wind to Iberdrola and is expected to close by early May.

CPV Wind, a joint venture of CPV and affiliates of ArcLight Capital Partners, has developed a diverse portfolio totaling 3,500 MW across 15 states. It also has a contract for a large block of General Electric wind turbines to support the development portfolio. “CPV Wind’s sale to Iberdrola — an established leader in the wind generation industry — will ensure these projects are commercially competitive and help meet this nation’s goal of increasing the supply of clean, renewable electric generation,” said Doug Egan, CPV Chairman and CEO. “CPV has always been — and will continue to be — committed to developing environmentally superior sources of electric generation, including wind, to ensure an adequate supply of electricity.” “Through the tremendous efforts of the CPV and ArcLight teams, CPV Wind has been built into one of the leading wind development companies in the country. The strong management team of CPV and the successful development of the portfolio was key to our attracting the attention of the world leader in renewable energies generation and helped to facilitate this transaction,” said Dan Revers, Managing Partner of ArcLight Capital. The sale of CPV Wind is the fourth major transaction by CPV in recent months. CPV previously announced its selection to supply more than 1,100 MW of new, clean and efficient natural gas fuel generation to two California utilities, as well as an equity commitment of up to $200 million for future development projects. It is expected that commercial operation of the projects will start as soon as 2008.
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