Competitive Power Ventures Group (CPV Group), a prominent developer, owner, and operator of utility-scale renewable and low emission electric generation, has announced an expansion of its strategic partnership with Harrison Street, a leading investment management firm specializing in alternative real assets. Harrison Street has agreed to acquire one-third of CPV Renewable Power, LP (CPV Renewables), a CPV Group affiliate. This move signifies a significant step towards accelerating the development of renewable energy projects in the United States.
This investment by Harrison Street aims to bolster CPV Renewables’ expanding portfolio of renewable energy developments. Currently, CPV Renewables is involved in nine projects, either operational or under construction, with a combined capacity of over 700 MW-ac of wind and solar power. This capacity is sufficient to provide electricity to over 570,000 households. Furthermore, CPV Renewables has identified a near-term development pipeline comprising over 4 GW-ac, which includes more than 15 wind, solar, and co-located battery storage projects.
Sean Finnerty, President of CPV Renewables, expressed enthusiasm about the 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. 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.”
Carolyn Arida, Senior Managing Director at Harrison Street, also highlighted the strategic importance of the investment. She noted, “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 announcement underscores the growing momentum in the renewable energy sector and highlights the vital role of strategic partnerships in driving forward the decarbonization agenda. CPV Group, with its 25 years of experience in developing and operating highly efficient and low-emission electric generation projects, is poised to contribute significantly to the U.S. renewable energy landscape. The involvement of Harrison Street, with its extensive experience in managing alternative real assets and a robust portfolio of $55 billion in assets under management, further strengthens the initiative.
This development is crucial as it addresses the urgent need for sustainable energy solutions to meet the increasing energy demands while reducing carbon footprints. It also sets a precedent for other firms in the industry to pursue similar strategic partnerships, thereby fostering the growth and scalability of renewable energy projects nationwide.
For more information, please visit CPV Group's website.
