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September 17, 2020

Israeli firm to buy CT power plant owner CPV for up to $800M

PHOTO | OPC ENERGY
By Matt Pilon

An Israeli energy developer has agreed to pay up to $800 million for a Maryland company with a significant presence in Connecticut’s power generation sector.

OPC Energy has signed a letter of intent to acquire Maryland-based Competitive Power Ventures, owner of Connecticut’s largest new natural gas plant, CPV Towantic, an 805-megawatt facility in Oxford that came online in 2018. 

The deal is still subject to negotiations and approvals, the parties said, and no timeline was provided.

OPC trades on Israel’s stock exchange and owns three power plants in that country. It is a subsidiary of Singapore-based Kenon Holdings, which trades on the New York Stock Exchange.

OPC intends to acquire approximately 70% of CPV, and is in talks with several institutional investors to come on as partners.
CPV and its partners own four other natural gas plants, in New York, New Jersey, Pennsylvania and Maryland. The company also operates a wind farm in Oklahoma and is developing two solar farms in the Northeast.  

Though Towantic is CPV’s largest Connecticut facility, it also controls or operates through its affiliates two 188-megawatt plants in Middletown and Milford. The facilities, which can run on oil and natural gas, are so-called “peaker” plants typically only used during periods of high demand.

CPV’s portfolio is part of what drew OPC’s interest, OPC CEO Giora Almogi said in a statement.
"We have long recognized the potential inherent in the US electricity market, with an emphasis on expanding operations into the field of renewable energies,” Almogi said.

He called CPV “a pioneering company in its field, dynamic and growing.”
 

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