Bracewell Represents Competitive Power Ventures in Obtaining Equity Investment in CPV’s Three Rivers Energy Center Project
WASHINGTON, DC – Bracewell LLP represented Competitive Power Ventures (CPV) in the equity investment by Osaka Gas USA, Axium Infrastructure and Harrison Street in CPV's gas-fired Three Rivers Energy Center project in Illinois. The equity investment by CPV's new investors closed simultaneously with the financing of the project, which together represented over $1.3 billion in private investment, including $875 million of senior credit facilities arranged on a true club basis with broad-based support from a diverse group of 14 international financial institutions and investment from the equity partners.
Three Rivers is a planned 1,250-MW combined cycle gas turbine located in Grundy County, near Chicago. The facility will be capable of selling enough power into the PJM energy market to serve more than 1.25 million homes and businesses in Northern Illinois. Three Rivers is expected to begin commercial operation in 2023.
CPV is a leading North American electric power generation development and asset management company, based in Silver Spring, Maryland. Three Rivers is its biggest power plant to date.
Bracewell lawyers involved in the transactions included:
Partners: Danielle M. Varnell and Steven J. Lorch
Associate: Kate Barrington McGregor