OPC Energy closes acquisition of Competitive Power Ventures

OPC Energy Ltd., along with three Israeli institutional investors, completed the acquisition of Competitive Power Ventures group from Global Infrastructure Management LLC.

The $630 million cash deal covers the full ownership of CPV Power Holdings LP, Competitive Power Ventures Inc. and CPV Renewable Energy Co. CPV owns interest in 5.5 GW of clean generation across the U.S. and manages 7.9 GW of fossil and renewable generating facilities in nine states for 11 different owner groups, according to a Jan. 25 news release.

OPC plans to invest significant capital in CPV to expand its businesses, focusing on renewable energy and highly efficient gas projects.

"This partnership with OPC will serve as a strong foundation from which CPV will pivot and grow in the new era of renewable and lower carbon emission energy generation in the U.S. as we strive toward a net-zero carbon economy in the coming decades," CPV CEO Gary Lambert said.

OPC tapped BLK and Macquarie Capital as financial advisers and Skadden Arps Slate Meagher & Flom LLP as lead transaction counsel. GIP hired Morgan Stanley as financial adviser and Latham & Watkins LLP as lead transaction counsel.