CPV and Harrison Street Expand Partnership to Accelerate Renewable Energy Development

In a significant move for the renewable energy sector, Competitive Power Ventures Group (CPV Group) and Harrison Street have announced an expansion of their strategic partnership. Harrison Street, a leading investment management firm focused on alternative real assets, has agreed to acquire one-third of CPV Renewable Power, LP (CPV Renewables), a CPV Group affiliate.

This investment is set to bolster CPV Renewables' growing renewable energy development business, which currently comprises nine operating and under-construction projects. These projects collectively represent over 700 MW-ac of wind and solar capacity, capable of powering more than 570,000 households. Moreover, CPV Renewables has identified a near-term pipeline of approximately 4 GW-ac, consisting of more than 15 wind, solar, and co-located battery storage projects.

Sean Finnerty, President of CPV Renewables, expressed enthusiasm about the partnership, stating, "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." Finnerty emphasized that the collaboration between OPC, CPV Renewables, and Harrison Street has formed "one of the most formidable renewables businesses in the country."

Carolyn Arida, Senior Managing Director at Harrison Street, highlighted the significance of the investment, describing it as "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." Arida expressed confidence in the partnership's potential, citing Harrison Street's industry-leading renewables expertise and CPV's 25-year track record of success.

The expanded partnership comes at a crucial time for the renewable energy sector in the United States. With increasing demand for clean energy and a growing focus on decarbonization, this collaboration is poised to play a vital role in advancing the nation's renewable energy goals. CPV Group, which is majority-owned by OPC Energy Ltd., has a proven history of developing and operating efficient, low-emitting electric generation and renewable projects.

Since 2010, CPV has brought online 5.3 GW of natural gas, wind, and solar generation. The company's current pipeline includes over 10 GW of renewable and dispatchable generation projects, including utility-scale carbon capture initiatives. This extensive portfolio positions CPV as a key player in driving the United States' transition to cleaner energy sources.

The partnership between CPV and Harrison Street represents a convergence of expertise and resources. Harrison Street, with approximately $55 billion in assets under management, brings substantial financial backing and experience in alternative real assets. This, combined with CPV's technical knowledge and project development capabilities, creates a powerful alliance in the renewable energy sector.

As the energy landscape continues to evolve, partnerships like this one between CPV and Harrison Street are likely to become increasingly important. They provide the necessary capital, expertise, and scale to accelerate the development of renewable energy projects across the country. This collaboration not only supports the growth of clean energy infrastructure but also contributes to job creation and economic development in the communities where these projects are located.

The expanded partnership between CPV and Harrison Street signals a strong vote of confidence in the future of renewable energy in the United States. As these companies work together to develop and operate new wind, solar, and battery storage projects, they are helping to shape a more sustainable and resilient energy future for the nation.