Harrison Street is acquiring part of a US renewable energy company owned by Competitive Power Ventures Group.
Harrison Street is investing an unspecified sum to buy a one-third stake in CPV Renewable Power, which has nine operational and under-construction projects, to accelerate its renewable energy growth.
These projects total over 700MW of wind and solar capacity. CPV Renewables has also identified a pipeline of over 15 wind, solar and battery storage projects amounting to 4GW of capacity.
Sean Finnerty, President of CPV Renewables, said: “We have a longstanding relationship with Harrison Street and this next step shows the strong commitment from all sides to drive decarbonisation efforts forward. This partnership will accelerate the buildout of our 4GW pipeline of renewable development projects.
“By bringing together OPC, CPV Renewables, and Harrison Street, we have successfully formed one of the most formidable renewables businesses in the country. All parties worked seamlessly throughout the execution of this process, and we look forward to building on our partnership for years to come.”
Carolyn Arida, senior MD at Harrison Street, said: “Our investment in CPV Renewables represents a significant opportunity for Harrison Street to expand our relationship with a trusted partner and support a premier renewable energy platform that can quickly scale within the US power markets.
“Backed by Harrison Street’s industry-leading renewables expertise and CPV’s 25-years of unprecedented success, CPV Renewables is well positioned to capitalise on sector tailwinds and address increasing energy demands across the US.”
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