CPV Closes on $370 Million Renewables Revolving Credit Facilities
Funding Supports Ongoing Construction of Three Major Solar Facilities
For more information: please visit www.opc-energy.com/en.
Competitive Power Ventures (“CPV”) has announced the successful closing of revolving credit facilities in support of the company’s extensive renewable development pipeline. The $370 million credit facilities will initially support ongoing construction and early operations of three of CPV’s major utility-scale solar projects, CPV Maple Hill Solar, CPV Backbone Solar and CPV Stagecoach Solar, which have a combined capacity of nearly 400 MWdc. The Mandated Lead Arrangers for the financing were Deutsche Bank and Nomura Securities, with Bank Leumi and BNP Paribas also providing significant commitments at close.
“This financing represents CPV’s first financing of a portfolio of construction projects and establishes a framework arrangement intended to serve as the basis for potential future renewable development project financings as the projects approach the financing stage,” said Paul Buckovich, CPV’s Chief Financial Officer. “This arrangement improves the efficiency of our financing efforts and enhances our capital sourcing in support of our next wave of renewable and low carbon projects that will help drive us towards our decarbonization goals.”
CPV Maple Hill Solar, a 127 MWdc project Pennsylvania, is being constructed on the site of a former coal mine as part of CPV’s concerted effort to revitalize impacted communities during the energy transition and is expected to come online in Q3 2023. CPV Stagecoach Solar is a 100 MWdc project in Georgia and is expected to come online in Q1 2024. CPV Backbone Solar, a 175 MWdc project in Maryland, is also being built on a former mine and is expected to come online in Q2 2025.
“These three projects are one more step forward as we continue to grow CPV Renewable Power and bring new solar projects online in PJM and SERC,” said Sean Finnerty, CPV’s EVP of Renewable Energy. “We are very excited about this achievement and the opportunities it provides as we continue to expand and advance our renewable energy platform.”
CPV Renewable Power currently has 5 wind farms in operation, 400 MW of large scale solar in construction and over 3 GW renewable energy projects in construction or advanced development.
About OPC Energy
OPC Energy is the first private electricity company in Israel. The Company was incorporated in 2010 and is active in the field of power generation and supply, including development, construction, and operation of power plants, as well as power generation and supply to private customers and to Israel Electricity Corporation (IEC). The Company generates about 5% of the electricity consumption in Israel.
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.