The renewable energy sector is witnessing a pivotal development as Competitive Power Ventures Group (CPV Group) and Harrison Street announce an expansion of their strategic partnership. Harrison Street, an investment management firm with approximately $55 billion in assets under management, has agreed to acquire one-third of CPV Renewable Power, LP (CPV Renewables), a move set to enhance the latter's renewable energy development business. This partnership underscores a shared commitment to advancing decarbonization efforts and significantly contributes to the U.S. transition towards cleaner energy sources.
CPV Renewables currently manages nine operating and under-construction projects, representing over 700 MW-ac of wind and solar capacity, enough to power more than 570,000 households. With a near-term pipeline of approximately 4 GW-ac, including more than 15 wind, solar, and co-located battery storage projects, the partnership is poised to make a substantial impact. Sean Finnerty, President of CPV Renewables, highlighted the collaboration's potential to form one of the most formidable renewables businesses in the country, leveraging the strengths of OPC, CPV Renewables, and Harrison Street.
Carolyn Arida, Senior Managing Director at Harrison Street, expressed optimism about the investment, viewing it as an opportunity to deepen the relationship with CPV and support a platform capable of rapid scaling within the U.S. power markets. The partnership combines Harrison Street's renewables expertise with CPV's 25 years of success in the sector, positioning CPV Renewables to capitalize on industry growth and meet the increasing energy demands across the United States.
This collaboration arrives at a critical juncture for the renewable energy sector, with a growing emphasis on decarbonization and the shift to sustainable energy sources. CPV Group, majority-owned by OPC Energy Ltd., brings a wealth of experience in developing efficient and low-emitting electric generation and renewable projects. Since 2010, the company has brought 5.3 GW of natural gas, wind, and solar generation online and maintains a pipeline of over 10 GW of renewable and dispatchable generation projects.
The expanded partnership is expected to harness CPV's development and project management expertise to pioneer next-generation renewable energy technologies. This initiative aligns with the broader industry trend towards increased investment in renewable energy to address climate change and meet rising energy demands. For Harrison Street, the investment reflects its focus on alternative real assets and commitment to sustainable, impactful investments, as evidenced by its recent accolades in the sector.
As the renewable energy landscape evolves, the partnership between CPV and Harrison Street is set to play a vital role in accelerating the transition to cleaner energy sources. This collaboration not only presents a significant business opportunity but also advances the collective goal of reducing carbon emissions and fostering a sustainable energy future for the United States.
