Competitive Power Ventures Holdings, LLC Receives Up To $300 Million Additional Investment...

Competitive Power Ventures Holdings, LLC Receives Up To $300 Million
Additional Investment From Warburg Pincus
- CPV's Experienced Development Team Focuses On Combined-Cycle Natural Gas &
Wind-Powered Generation to Meet Growing Demand for Clean Electricity -

SILVER SPRING, Md., Sept. 15 /PRNewswire/ -- Competitive Power Ventures
Holdings, LLC (CPV), a North American power industry development and asset
management company, today announced an agreement with Warburg Pincus, the
global private equity firm, under which Warburg Pincus will provide additional
equity financing for CPV up to $300 million. The transaction closed on Friday
morning.
"People across North America are clamoring for more clean, domestically-
produced electric power," said Douglas Egan, CPV's Chief Executive Officer.
"Our focused strategy of creating significant new clean energy supplies across
strategic markets, informed by current operational expertise and with a focus
on community values, is proving to be a winning approach. We are pleased to
have gained the confidence of Warburg Pincus, as demonstrated by their
additional investment in our company."
"Clean, renewable wind power combined with ultra-low emission natural gas
as the best way to meet North America's growing energy needs is an idea whose
time has finally arrived," said Egan.
The funding will allow CPV to invest in its power generation development
projects, entering into construction and operation over the next few years.
CPV currently has nearly 8,000 MWs of conventional generation projects in
various stages of development with plans for approximately 1,100 MWs to move
into construction during the next 12 months, and approximately 1,200 MWs each
year thereafter. Wind power development plays a significant role within CPV's
portfolio. The company has nearly 5,000 MW of wind power projects in
development with plans for more.
The new funding is targeted toward maintaining larger equity interests in
CPV generation projects--primarily natural-gas fired projects--in markets that
are receptive to independently-owned power generation. Steady growth in the
demand for electricity, combined with a halt in construction of new capacity
in those markets, has created a need for significant capacity additions within
the next few years.
Commenting on the new investment, Jeffrey A. Harris, a Warburg Pincus
Managing Director and a CPV Director, said, "This investment will enable CPV
to continue the impressive growth that has led to the company's standing as
the pre-eminent energy developer across conventional and renewable generation
technologies throughout North America today."
CPV also manages over 7,200 MW of operational natural-gas, combined-cycle
electric generating facilities in key markets throughout the United States
through its asset management business. This core competency in asset
management informs new development projects that CPV plans to advance into
construction and operation.
About Competitive Power Ventures Holdings, LLC (CPV)
Established in 1999, Competitive Power Ventures is a North American power
industry development and asset management company headquartered in Silver
Spring, Maryland. CPV has regional offices in Braintree, Massachusetts, San
Francisco, California and Toronto, Ontario, Canada. The company's development
professionals have played critical roles in the successful development of more
than 30 generating facilities, representing over 15,000 megawatts of currently
operational power generation capacity. For more information please visit
www.cpv.com.
About Warburg Pincus
Warburg Pincus has been a leading private equity investor since 1971.
Throughout its 40-year history in private equity, Warburg Pincus has invested
in all stages of a company's life cycle, from founding start-ups and providing
growth capital to leading restructuring, recapitalizations, and buy-outs. The
firm currently has more than $35 billion of assets under management and
invests in a range of sectors including energy, financial services,
healthcare, LBOs and special situations, real estate, technology, media and
telecommunications. Over the past 20 years, the firm has invested more than
$3.2 billion in more than 30 companies in the global energy sector. Warburg
Pincus also has a long history as a successful investor in the power sector
including funding the J. Makowski Company, for which many of CPV's key
executives once worked. Jacek Makowski is a Director on the CPV Board. Warburg
Pincus has raised 12 private equity investment funds which have invested more
than $33 billion in more than 600 companies in 30 countries. Currently,
Warburg Pincus is investing from a $15 billion fund which closed earlier this
year. An experienced partner to entrepreneurs seeking to create and build
durable companies with sustainable value, Warburg Pincus has offices in North
America, Europe, and Asia and an active portfolio of more than 125 companies.
For more information, please visit www.warburgpincus.com.
For Competitive Power Ventures:
Braith Kelly
Competitive Power Ventures, Inc.
bkelly@cpv.com860-546-2008

For Warburg Pincus:
Joseph Kuo or Todd Fogarty
Kekst & Company
joe-kuo@kekst.com or todd-fogarty@kekst.com
212-521-4863 or 212-521-4854

SOURCE Competitive Power Ventures Holdings, LLC

Braith Kelly of Competitive Power Ventures, Inc., +1-860-546-2008,
bkelly@cpv.com; Joseph Kuo, +1-212-521-4863, joe-kuo@kekst.com, or Todd
Fogarty, todd-fogarty@kekst.com., +1-212-521-4854, both of Kekst & Company for
Warburg Pincus