TORONTO, Jan. 19 /CNW/ - CPV Canada Development ULC ("CPV") announced today that it has received approval from the Ontario Superior Court of Justice pursuant to the Companies Creditor Arrangement Act to complete its acquisition of the wind development portfolio of the wind energy company Interwind - which was formerly part of SkyPower's renewable generation and development business. Closing is anticipated to take place the week of February 8.
"We are delighted the court, creditors and Interwind management have accepted our offer as the best way to move forward Interwind's portfolio of renewable energy projects," said Sean Finnerty, CPV Sr. Vice President. "CPV is committed to growing our portfolio of renewable energy projects in Canada and help build a bridge to a sustainable energy future."
CPV Canada Development ULC, an affiliate of Competitive Power Ventures, Inc., is advancing a broad portfolio of wind and natural-gas generation projects across North America. Led by a blue chip management team and the financial backing of the investment fund Warburg Pincus, CPV is fast becoming a leader in the development of renewable energy.
For more information about the project and CPV please go to www.cpv.com.
CPV is comprised of three main business lines: Wind Generation Development, Asset Management, and Thermal Generation Development.
* Wind Generation Development: CPV Renewable Energy Corp. currently has
6,100 MW of high quality wind generation projects under site control,
1,800 MW of which are in advanced development; including over 350 MWs
with executed long term PPAs.
* Asset and Energy Management: CPV currently manages the day-to-day
operation, maintenance and energy trading of over 4,400 MW of
generation in eight states to provide improved financial returns and
enhanced environmental protection to the owners and greater benefits
to the consumers.
* Thermal Generation Development: CPV is actively developing combined-
cycle and combustion turbine facilities totaling approximately 4,300
MW of generation, in markets with the greatest need for efficient,
reliable electricity capacity in the U.S. and Canada.
The acquisition of Interwind would be a further expansion of its presence in the Canadian market. CPV is currently developing a 400 MW natural gas-fired peaking facility in North Dumfries (near Cambridge), and a 1,200 MW combined cycle natural gas-fired project in the Nanticoke area (consistent with Canada and Ontario's efforts to reduce its electric generation carbon footprint by reducing the reliance on coal).
SOURCE CPV CANADA DEVELOPMENT ULC
For further information: For further information: Braith Kelly, (860) 713-3309, firstname.lastname@example.org