Financial News
CPV Expands Partnership with Harrison Street; Announces Investment in CPV Renewables
--News Direct--
Competitive Power Ventures Group (“CPV Group”), a leading developer, owner, and operator of utility-scale renewable and low emission electric generation, and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately $55 billion in assets under management, today announced that the firms intend to expand their strategic partnership, with Harrison Street executing an agreement to acquire one-third of CPV Renewable Power, LP (“CPV Renewables”), a CPV Group affiliate.
Through this investment, Harrison Street will support and accelerate CPV Renewables’ growing renewable energy development business, which comprises nine operating and under construction projects. Together, these projects total over 700 MW-ac of wind and solar capacity, sufficient to power over 570,000 households. CPV Renewables has also identified a near-term pipeline totaling ~4 GW-ac and consisting of more than 15 wind, solar, and co-located battery storage projects.
“We have a longstanding relationship with Harrison Street and this next step shows the strong commitment from all sides to drive decarbonization efforts forward. This partnership will accelerate the buildout of our 4 GW pipeline of renewable development projects,” said Sean Finnerty, President of CPV Renewables. “By bringing together OPC, CPV Renewables, and Harrison Street, we have successfully formed one of the most formidable renewables businesses in the country. All parties worked seamlessly throughout the execution of this process, and we look forward to building on our partnership for years to come.”
“Our investment in CPV Renewables represents a significant opportunity for Harrison Street to expand our relationship with a trusted partner and support a premier renewable energy platform that can quickly scale within the U.S. power markets”, Carolyn Arida, Senior Managing Director at Harrison Street, added. “Backed by Harrison Street’s industry-leading renewables expertise and CPV’s 25-years of unprecedented success, CPV Renewables is well positioned to capitalize on sector tailwinds and address increasing energy demands across the U.S.”
About CPV
CPV Group LP, a partnership majority owned by OPC Energy Ltd., has 25 years 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. After bringing on 5.3 GW of natural gas, wind, and solar generation since 2010 and with a current pipeline of over 10 GW of renewable and dispatchable generation projects, including utility-scale carbon capture, CPV is well positioned to help drive the nation’s decarbonization goals forward.For more information: please visit www.cpv.com and follow CPV on LinkedIn.
About OPC Energy
OPC Energy Ltd. (OPCE:Tel Aviv), is an energy company leading the Energy Transition revolution in Israel and the USA, and provides electricity in an efficient, reliable and environmentally friendly manner while combining solar energy, wind and natural gas with high efficiency. In Israel, OPC is the first and leading private electricity producer, offering its customers an integrated energy solution that includes the supply of all energy needs through the company's production sites and in the customer's yard using natural gas and solar energy, as well as charging electric vehicles. In the USA, the company operates through the CPV Group, which supplies electricity using efficient natural gas and wind energy, and also builds and develops Powerhouse using natural gas, natural gas with reduced emissions, as well as solar and wind energy. For more information: please visit www.opc-energy.com/en.
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, build-to-rent, healthcare delivery, life sciences and storage real estate as well as social, utility and digital infrastructure. Headquartered in Chicago and London, with offices throughout North America, Europe and Asia, the Firm has more than 280 employees and approximately US $55 billion in assets under management on behalf of institutional investors across the globe. Harrison Street was awarded Best Places to Work by Pensions & Investments for nine years (2014-2020, 2022, 2023) and since 2019 has won 15 awards from PERE, including three for the 2023 Awards: Alternatives Investor of the Year – Global, Data Centers Investor of the Year – North America, and ESG Firm of the Year - North America. For more information, please visit www.harrisonst.com. (Assets under management ("AUM") reflects AUM for the Firm’s investment advisory and asset management clients, and is inclusive of the Firm’s regulatory AUM reported in its Form ADV.)
Contact Details
Competitive Power Ventures (CPV)
Sam Loftus
+1 617-347-8094
Harrison Street
Doug Allen/Ellie Johnson
+1 646-722-6530
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/cpv-expands-partnership-with-harrison-street-announces-investment-in-cpv-renewables-609705313
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