Private electricity company OPC Energy Ltd and three Israeli institutional investors have closed their USD-630-million (EUR 519m) acquisition of US gas and renewables developer and builder Competitive Power Ventures (CPV).
OPC, a subsidiary of Israeli firm Kenon Holdings Ltd (NYSE:KEN), now fully owns CPV’s operating assets, development pipeline and asset management business. It plans to pour substantial capital into the US company to pursue growth with a focus on renewable energy and highly efficient gas projects, according to the announcement.
"The transaction puts OPC directly into the areas of green energy, and especially into the areas of solar energy and wind energy, which are part of CPV's significant growth engines,” said Giora Almogy, CEO of OPC.
Silver Spring, Maryland-based CPV has developed, sold, financed and acquired 14.8 GW of power generation capacity, mostly related to renewables and gas-fired plants over the last 20 years. It currently has 5.5 GW of clean generation across the US and manages a further 7.9 GW of fossil and renewable generating plants in nine states through its asset management division.
Morgan Stanley was the financial advisor to the seller in this transaction, namely Global Infrastructure Partners (GIP), while Latham & Watkins LLP served as lead transaction counsel. At the same time, BLK and Macquarie Capital consulted OPC on the financial matters, with Skadden Arps Slate Meagher & Flom LLP acting as lead transaction counsel.
(USD 1.0 = EUR 0.824)
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