Competitive Power Ventures (CPV) has finalised the acquisition of two solar photovoltaic projects under development from Belltown Power USA Development. These include the Prairie Dock Solar project in Illinois (360 MW) and the Stonecrop Solar project in Kentucky (100 MW). These two solar projects are estimated to provide enough clean electricity to power around 87,000 homes once operational. Construction on the Prairie Dock and Stonecrop projects is planned to begin in the second half of 2023.
CPV Group LP (CPV), based in Silver Spring, Maryland, and with a branch in Braintree, Massachusetts, owns 5.5 GW of clean energy capacity in the United States. The Asset Management branch of the corporation now oversees 7.1 GW of producing capacity across nine states. The corporation has grown into one of North America’s premier energy companies due to its focus on Environmental, Social, and Governance (ESG). CPV is actively developing roughly 3 GW of renewable energy projects.
Belltown began operations in the United States in late 2016 as a developer of solar PV and storage projects, especially in the PJM and ERCOT grids. The company has a history of successful development, having completed 14 contracts totalling over 2.5 GW of generation and storage capacity. Belltown also continues to work on its active pipeline of 30+ projects totalling more than 5 GW.
REGlobal’s Views: Solar projects remain an attractive investment opportunity for deep-pocketed investors across the globe. Further, acquiring projects with contracts and clearances in place is comparatively less complex than starting a project from scratch.
