Governor Christie and Mayor McCormac Highlight CPV Woodbridge Energy Center
- New, clean power generating facility slated to deliver electric reliability,
jobs, and regional economic boost to New Jersey -
WOODBRIDGE TOWNSHIP, N.J., Oct. 23, 2013
WOODBRIDGE TOWNSHIP, N.J., Oct. 23, 2013 /PRNewswire/ --At a marquee event
that included New Jersey Governor Chris Christie and Woodbridge Mayor John
McCormac, project co-owners Competitive Power Ventures ("CPV"), ArcLight
Capital Partners and Toyota Tsusho Corp. broke ground to begin construction of
the $845 million, 700-megawatt CPV Woodbridge Energy Center.
The CPV Woodbridge project will help turn the site of a former chemical plant
into a state-of-the-art energy center. The project will generate enough
electricity to power 700,000 homes, helping
New Jersey meet its energy demand while improving the state electric system's
reliability and environmental profile. The project is expected to enter
commercial operation as soon as the first quarter of 2016 and will be operated
by an affiliate of co-owner ArcLight. CPV is managing the construction
"I'm proud to be here today in Woodbridge for the groundbreaking of this
state-of-the-art facility that will contribute to New Jersey's environmental,
economic and public health," said Governor Christie.
"This $845 million investment will bring cleaner, more efficient energy to our
state and create nearly
500 construction jobs, as well as two dozen permanent jobs in the area. I
congratulate and thank
Mayor McCormac and CPV for working together to bring this innovative project
to our state."
"This vital energy infrastructure project would not have been a reality
without the visionary leadership of New Jersey Governor Chris Christie, Senate
President Stephen Sweeney and Woodbridge Township Mayor John McCormac," said
Gary Lambert, CPV President. "Governor Christie's and the Legislature's
initiative to bring new energy generation to New Jersey will benefit
electricity consumers across the state for years to come. Mayor McCormac's
championing of this project paved the way for significant local economic
benefits including long-awaited public access to the Raritan River through a
former brownfield site."
CPV Woodbridge will provide strong economic benefits to the community -- up to
500 skilled workers during construction, 25 full-time workers during
operations, significant tax revenue and contributions to a broader initiative
to create public access to the Raritan River.
CPV: Energizing North America's Future
Competitive Power Ventures, LLC (CPV) is dedicated to increasing America's
sustainability; both economically and environmentally. Using
domestically-available energy sources, like wind and natural gas, and
partnering with host communities to support their tax base and school
districts, CPV works to stabilize and improve local and state economies. CPV's
corporate mission is built around a belief that progressive companies can be
powerful agents of change for a better world and a cleaner environment. To
this end, we have focused our core activities around developing and operating
energy facilities that can make a significant difference in improving the
environments and economic well-being of a region. Headquartered in Silver
Spring, MD, with offices in Braintree, MA, and San Francisco, CA the company
currently has 5,000 MW of conventional generation projects in various stages
of development across North America. The company's Asset Management division
has ramped up to more than 4,700MWs of natural gas generation and wind power
under management. CPV Renewable Energy Company is currently developing 1,300
MWs of wind power projects across North America. Find out more at www.cpv.com.
Follow CPV on Twitter: @CPVEnergy.
About Toyota Tsusho Corporation
Toyota Tsusho is a general trading company that develops diversified
businesses through 500 consolidated companies in Japan and overseas and with
customers around the world, via a global network covering Japan and more than
60 countries worldwide. With various activities, the group provides products
and services in a broad range of business domains that are essential to
achieving the creation of a prosperous and fulfilling society. Toyota Tsusho
is listed in the Tokyo Stock Exchange as well as in the Nagoya Stock Exchange.
As recent transaction in North American power business, in 2010, Toyota Tsusho
acquired a 45 percent interest in the Oyster Creek natural gas fired
cogeneration plant in Freeport, Texas. In 2011, it increased to 50 percent its
holdings in Goreway natural gas fired power plant in Ontario, Canada. Toyota
Tsusho intends to continue enhancing its overseas power generation business by
seeking investments in projects that provide long-term and stable revenue
promote energy-efficient power, and are environmentally friendly.
ArcLight Capital Partners, LLC
ArcLight Capital Partners, LLC is an energy-focused private equity investment
firm, having invested over $10 billion since its inception over a decade ago.
Since its establishment in 2001, the firm has raised five funds with
cumulative capital commitments totaling $10.1 billion. ArcLight has
successfully sourced, managed and realized investments through multiple energy
industry cycles. The firm's investment team has extensive energy expertise,
investing experience, industry relationships and specialized asset level value
creation capabilities. ArcLight is headquartered in Boston, MA, with offices
in New York and Luxembourg. More information can be found at
SOURCE Competitive Power Ventures
Contact: Braith Kelly, CPV, +1 860 713 3309, firstname.lastname@example.org
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