CPV Expands Partnership with Harrison Street; Announces Investment in CPV Renewables
TL;DR
Harrison Street to acquire one-third of CPV Renewables, supporting and accelerating growth of renewable energy projects.
Harrison Street will expand partnership with CPV Group by executing an agreement to acquire one-third of CPV Renewables.
The investment in CPV Renewables will help drive decarbonization efforts forward, supporting the development of renewable energy projects.
Harrison Street's investment in CPV Renewables represents a significant opportunity to expand their relationship with a trusted partner in the renewable energy field.
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Competitive Power Ventures Group ("CPV Group"), a prominent developer, owner, and operator of utility-scale renewable and low-emission electric generation, and Harrison Street, a leading investment management firm with approximately $55 billion in assets, have announced an expansion of their strategic partnership. Harrison Street will acquire a one-third stake in CPV Renewable Power, LP ("CPV Renewables"), a CPV Group affiliate.
This investment by Harrison Street aims to bolster CPV Renewables' rapidly growing renewable energy development business, which currently includes nine operating and under-construction projects totaling over 700 MW-ac of wind and solar capacity. These projects are capable of powering more than 570,000 households. Furthermore, CPV Renewables has identified a near-term pipeline of approximately 4 GW-ac, consisting of over 15 wind, solar, and co-located battery storage projects.
Sean Finnerty, President of CPV Renewables, emphasized the significance of this partnership, stating, "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."
Carolyn Arida, Senior Managing Director at Harrison Street, added, "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. 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."
The expansion of this partnership is critical as it aligns with broader decarbonization goals and addresses the increasing energy demands in the United States. With CPV's extensive experience and Harrison Street's investment capabilities, this collaboration is poised to drive significant advancements in renewable energy infrastructure, contributing to a more sustainable energy future.
For more information, visit CPV's website.
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