The renewable energy sector witnesses a significant advancement as Competitive Power Ventures Group (CPV Group) and Harrison Street announce the expansion of their strategic partnership. Harrison Street, an investment management firm with approximately $55 billion in assets under management, is set to acquire one-third of CPV Renewable Power, LP (CPV Renewables), marking a pivotal step in bolstering the renewable energy development business.
This investment focuses on CPV Renewables' portfolio, which includes nine operating and under-construction projects, totaling over 700 MW-ac of wind and solar capacity. These projects have the potential to power more than 570,000 households. Additionally, CPV Renewables has identified a near-term pipeline of about 4 GW-ac, encompassing more than 15 wind, solar, and co-located battery storage projects, signaling a robust growth trajectory in the renewable sector.
Sean Finnerty, President of CPV Renewables, highlighted the partnership's role in driving decarbonization efforts forward, stating it would accelerate the buildout of their 4 GW pipeline. Carolyn Arida, Senior Managing Director at Harrison Street, shared enthusiasm for the investment, noting it as an opportunity to support a premier renewable energy platform capable of scaling within the U.S. power markets.
The collaboration arrives at a critical juncture for the U.S. renewable energy sector, emphasizing the importance of decarbonization and the shift towards cleaner energy sources. CPV Group, with its 25 years of experience and a pipeline of over 10 GW of renewable projects, alongside Harrison Street's expertise in sustainable investments, positions this partnership as a key player in shaping the future energy landscape.
This partnership not only signifies a substantial business opportunity but also contributes to the broader objective of reducing carbon emissions and fostering a sustainable energy future. As the demand for renewable energy grows, such collaborations are essential in meeting the United States' energy needs while addressing climate change concerns.
