--News Direct--
Competitive Power Ventures (CPV) has announced that the CPV Three Rivers Energy Center, located in Grundy County, Illinois, has achieved commercial operation and is now providing clean, safe and reliable power to the electric grid. The $1.3 billion project, managed by CPV and co-owned along with Osaka Gas USA, Concord Infrastructure Investments, Harrison Street and Axium Infrastructure is one of the most efficient and lowest emitting facilities of its kind in the world and will serve as a foundational element for the state and nation’s energy transition.
“CPV Three Rivers is the next of a series of very ambitious projects we have constructed over the last decade,” said Gary Lambert, CPV’s President and CEO. “After reaching financial close and starting construction in August 2020, in the middle of a global pandemic, the outstanding team of individuals from CPV working closely with Kiewit and GE as well as the many local contractors, unions, state leadership, numerous stakeholders and community leaders worked tirelessly to complete this state-of-the-art energy center with an exceptional safety record, including zero lost-time accidents.”
Located 60 miles south of Chicago, the combined-cycle facility utilizes a state-of-the-art design powered by General Electric’s 7HA.02 turbine technology to produce dispatchable power while lowering emissions for the region and country by displacing older facilities and providing the flexible, on-demand power needed to reliably integrate additional renewable resources.
“It is truly impressive to see this project reach completion after years of development and construction,” said State Senator Sue Rezin (R-Peru). “As a longtime supporter of this project, I am excited to see CPV Three Rivers deliver cost-effective and reliable power to the grid, and I look forward to the CPV team continuing to be a part of our community.”
Project construction was successfully completed over the course of 34 months by Kiewit Power Constructors Co. and included as many as 900 skilled workers on site during peak construction. Total manhours worked during construction exceeded 2.7 million and the project achieved an impressive zero-time-lost safety record.
“The construction of CPV Three Rivers was an enormous undertaking and we are proud to have partnered with industry leaders CPV and Kiewit to build this project for our community,” said Tim Drea, President of the Illinois AFL-CIO. “Over 500 of our members worked safely and diligently to construct one of the most advanced power generation facilities in Illinois and the country.”
CPV Three Rivers will be staffed by 23 full-time operations personnel and will also create an estimated 75 additional ancillary jobs to provide services to the plant. The project will also contribute significant tax revenue which will support vital public services and school funding.
“I am beyond thrilled by the completion of this monumental investment in Grundy County and our community” said Nancy E. Norton, CEO and President of the Grundy County Economic Development Council. “The whole CPV Three Rivers team, and everyone involved with this project, have been tremendous to work with and we look forward to having them be a part of our community for years to come.”
Connected to the PJM Interconnection system, CPV Three Rivers will sell its energy, capacity and ancillary services into the COMED zone of the PJM market and is capable of powering over 1,000,000 homes and businesses. The project’s dispatchable power is expected to help PJM maintain reliability as it faces potential resource adequacy issues in the years to come due to looming facility retirements and increasing demand due to electrification.
ADDENDUM
The CPV Three Rivers Energy Center was made possible by many years of collaboration among numerous stakeholders including our partners, contractors, unions, state and local leadership as well as countless community leaders and supporters.
“Osaka Gas USA (OGUSA) is delighted to be part of another CPV project. CPV Three Rivers achieved commercial operations, overcoming several challenges during construction. The CPV team has managed proficiently to resolve these issues, bringing the project to a successful completion,” said Shigeki Enomoto, Senior Vice President for OGUSA. CPV Three Rivers can now power well over a million homes as one of the cleanest and most efficient facilities in the U.S.”
“We’re thrilled that CPV Three Rivers is now operational and has begun powering the equivalent of over a million homes, schools and businesses in our hometown of Chicago and the surrounding Illinois region in an efficient and reliable way. This state-of-the-art facility is emblematic of the types of clean infrastructure and utility assets our team is committed to investing in and developing at scale,” said Carolyn Arida, Managing Director and Head of Utilities at Harrison Street.
“We are thrilled with the successful commissioning of the CPV Three Rivers Energy Center. Concord and our partners (Phoenix, Menora, and CME) are honored to be partnering with CPV, Osaka Gas, Axium and Harrison Street on this long-term investment in a critical and highly efficient power generation facility. This facility will reliably serve Illinois for many years to come,” said Eran Golan, CEO of Concord Infrastructure Investments.
“We are delighted that CPV Three Rivers is now operational and will provide power to the equivalent of over one million homes in the area. Axium Infrastructure is pleased to be partnering with Osaka Gas USA, Harrison Street, Concord Infrastructure Investments, and CPV on this new power generation facility that will contribute to long-term clean infrastructure in the Illinois region,” said Paulo Arencibia, Vice President and Senior Investment Director at Axium Infrastructure.
"CPV Three Rivers is the third GE HA-powered project successfully developed with the CPV team now providing highly efficient, reliable, and lower-carbon electricity for American homes and businesses," said Scott Strazik, CEO of GE Vernova. "GE and CPV's long-standing relationship is built on collaboration, technological excellence, and proven project expertise—and GE proudly celebrates this latest milestone with CPV."
“The completion of the Three Rivers Energy Center is a testament to the strong commitment and collaboration of CPV and the local community to ensure safe, reliable power,” said Pegah Skarsgard, project manager for Kiewit Power Constructors Co. “We are proud to have served as the EPC contractor and to have used our engineering and construction skills in a way that will have such a positive impact on the quality of life and resilience of the community.”
“The completion of CPV’s Three Rivers Energy Center is an important milestone for the state as it will strengthen Illinois’ critical electric generation supply with a new supply of reliable, cost-effective, and environmentally responsible low emissions generation,” said The Illinois Chamber of Commerce Energy Council Executive Director Alec Messina. “Illinois businesses depend on affordable, reliable electricity to keep their doors open and this facility will further enhance our ability to attract new business to the state.”
“The completion of the long development and construction of CPV Three Rivers is great news for Grundy County and the State of Illinois,” said State Representative Jason Bunting (R-Emington). “This highly efficient facility will provide reliable and affordable power to our communities that continue to see increasing energy demand for homes and businesses.”
“I am excited to see CPV Three Rivers producing power and sending it out to the grid to serve the homes and businesses in Grundy County and beyond,” said State Senator Tom Bennett (R-Gibson City). “CPV has worked tirelessly over the last several years to bring this facility to fruition and has become an integral part of the community.”
“The completion of CPV’s Three Rivers Energy Center is an important milestone for the state as it will strengthen Illinois’ critical electric generation supply with a new supply of reliable, cost-effective, and environmentally responsible low emissions generation,” said The Illinois Chamber of Commerce Energy Council Executive Director Alec Messina. “Illinois businesses depend on affordable, reliable electricity to keep their doors open and this facility will further enhance our ability to attract new business to the state.”
“CPV Three Rivers is a win for Grundy County and Illinois,” said International Union of Operating Engineers Local 150 President-Business Manager, James M. Sweeney. “The construction of the project provided hundreds of good-paying jobs for local workers and will continue to provide economic benefits to the region, in addition to highly efficient power generation.”
“The completion of CPV Three Rivers is a great accomplishment and our skilled members are proud to have supported the nearly three-year constructions process,” said Doc Gregory, President, Will & Grundy Counties Building Trades Council. “We look forward to the long-term operation of this facility and additional opportunities to provide quality workmanship, from highly skilled and highly trained workers.”
“Our members are proud to have provided the man hours and expertise to build CPV Three Rivers and help bring the project online,” said Tom White, Executive Director, Three Rivers Construction Alliance. “In addition to the direct impact of adding a state-of-the-art power generation facility, our workforce contributed greatly to the local economy. We thank the local businesses that were crucial in helping us in our day-to-day work.”
“CPV Three Rivers has been a great neighbor and supporter of the community throughout the development and construction of the project,” said Char McDade, President, Goose Lake Prairie Partners. “We’re excited that the project has been successfully completed and look forward to their continued involvement in Grundy County and with the Goose Lake Prairie Partners.
“We are happy that CPV Three Rivers is now in operation. CPV brought a tremendous boost to the local economy throughout the construction period,” said Grundy County Board Chairman, Chris Balkema. “With the completion of the facility, they will now be one of the largest taxpayers in the county and will benefit our economy with funds for our schools, first responders and families for years to come.”
ABOUT CPV AND OUR PARTNERS
About CPV
CPV Group LP, a partnership majority owned by OPC Energy Ltd., has over two decades of unprecedented success in the development and operation of highly efficient and low emitting electric generation and renewable projects in the United States. CPV is focused on applying its development, financial and project management expertise to advance the next generation of technologies, including an extensive renewable pipeline, and dispatchable power projects that will utilize carbon capture technology, to yield extremely low carbon power that will help drive the nation’s decarbonization goals forward. For more information, please visit www.cpv.com.
About OGUSA
OGUSA has established its three core businesses of the LNG liquefaction and export, shale gas development, and power generation so far. OGUSA strives to contribute to achieving a low carbon/carbon neutral society by developing renewables and methanation (the technology to produce synthetic methane from Hydrogen and CO2) as well as natural gas related business.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in Berlin, London, Luxembourg, Madrid, New York, San Francisco, Tokyo, Toronto and Washington DC, the firm has more than 260-employees and approximately $56 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street was awarded Best Places to Work by Pensions & Investments for eight years (2014-2020, 2022) and was recognized by PERE as the 2021 Alternatives Investor of the Year, North America and 2020 Global Alternatives Investor of the Year. For more information, please visit www.harrisonst.com.
About Concord Infrastructure Investments
Concord Infrastructure Investments is a privately-owned, long-term investor in infrastructure and energy in North America, headquartered in Plano, Texas. Concord and its affiliates own a diversified portfolio of thermal and renewable power generation, transportation, water, social and environmental infrastructure assets and businesses in the United States and globally.
About Axium Infrastructure
Axium Infrastructure (comprised of Axium Infrastructure Inc. and its affiliated entities) is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure had over US$8.0 billion in assets under management as of June 30, 2023, as well as approximately US$1.3 billion in co-investments. With offices in Montreal, Toronto, Vancouver, New York, and London, the firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating, and managing infrastructure assets. Focus is placed on assets that are supported by robust market demand and under long-term contract with creditworthy counterparties. Since 2010, the firm has invested in a diversified portfolio of over 260 infrastructure assets. For further information, including information about other infrastructure assets the firm has invested in, please visit www.axiuminfra.com. This release is for informational purposes only and does not constitute an offer or solicitation to buy securities of any entity.
Contact Details
Competitive Power Ventures
Matt Litchfield
+1 781-817-8964
Company Website
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