CPV Begins Operations at Maryland’s Largest Solar Project

CPV Backbone Solar repurposes former coal mine land to deliver clean, renewable energy to the state of Maryland.

SILVER SPRING, Md.–(BUSINESS WIRE)–Today, Competitive Power Ventures’ (CPV) affiliate CPV Renewable Power and its strategic investment partner Harrison Street Asset Management (HSAM) announced the start of commercial operations at CPV Backbone Solar, a 160-megawatt (MW) solar project located in Garrett County, Maryland. In parallel, CPV secured its third solar tax equity financing with U.S. Bank. Marathon Capital served as advisor, emphasizing the project’s quality and CPV’s leading role in developing utility-scale renewable projects.

Situated on a reclaimed, decommissioned coal mine, the 324,000 panels at CPV Backbone Solar are designed to produce enough energy to power 30,000 households, repurposing the land and providing needed generation to the state.

“CPV Backbone Solar exemplifies our mission to support a responsible energy transition,” said Sherman Knight, CEO of CPV. “By transforming exhausted coal mine land into a productive solar facility, we’re demonstrating how brownfield redevelopment, innovative engineering, and strategic partnerships can meet complex project challenges and deliver new power generation in Maryland.”

“At CPV, we look for ways to invest in energy communities where our projects can have the greatest impact. Garrett County provided the necessary criteria for us to bring CPV Backbone Solar to Western Maryland,” said Mike Resca, EVP of CPV Renewable Power. “This project adds significant tax revenue to Garrett County, and we look forward to being partners for years to come.”

“CPV Backbone Solar demonstrates the role utility-scale renewable infrastructure can play in meeting growing power demand,” said Carolyn Arida, Senior Managing Director of Infrastructure and Co-Portfolio Manager at Harrison Street Asset Management. “We value our partnership with CPV and look forward to continued collaboration as we expand our portfolio of contracted renewable projects nationwide.”

CPV Backbone Solar was constructed by Vanguard Energy Partners, a leading solar engineering, procurement, construction firm.

“We appreciate the continued partnership with CPV and the opportunity to bring the CPV Backbone Solar project to completion. This was a complex site, and our teams stayed focused, resilient, and committed from start to finish to safely deliver a high-quality project,” said Geoffrey Fairclough, President of Vanguard Energy Partners.

Supporting Maryland’s Clean Energy Goals & Energy Communities

“In a time where we are pushing for economic development across our state and job creation, it is great to see the CPV Backbone Solar project come online,” said Senator Michael McKay. “We look forward to CPV’s continued investment in our communities.”

“I’m excited to see the CPV solar project come online. Not only does it return previously mined land to use and add to the County’s tax base, it brings a new source of power to the grid at a time when demand for electricity is growing,” said Delegate Jim Hinebaugh, Jr.

CPV Backbone Solar began development in 2020. Throughout the process, CPV has worked to build strong, lasting relationships with local stakeholders to make a positive impact in Garrett County.

“We’re happy to see this reach commercial operations,” said Board Chairman of Garrett County, Paul Edwards. “By bringing this project to Garrett County, CPV is helping to preserve our region’s natural beauty while creating new economic value for our residents. It’s a win-win for us and the environment.”

The project also includes investments to enhance community and environmental stewardship, including a $100,000 contribution over a four-year period to the Deep Creek Watershed Foundation to help strengthen long-term vitality of the region’s natural resource.

“CPV’s generosity has been very helpful in supporting our projects to maintain and protect the Deep Creek Watershed,” said Bob Hoffmann, President of the Deep Creek Watershed Foundation. “We at the Foundation appreciate the company’s commitment to environmental and local stewardship.”

CPV Backbone Solar joins four operating wind and solar projects in the company’s renewable portfolio alongside a development pipeline of 4.8 GW. A planned second phase has started construction and is projected to expand the facility’s total installed capacity to 175 MW.

About CPV

CPV Group LP, a partnership majority owned by OPC Energy Ltd., has over 25 years 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. After bringing on 6.8 GW of natural gas, wind, and solar generation since 2010 and with a current pipeline of over 10 GW of renewable and dispatchable generation projects, including utility-scale carbon capture, CPV is well positioned to help drive the nation’s decarbonization goals forward. For more information: please visit www.cpv.com and follow CPV on LinkedIn.

About OPC Energy

OPC Energy Ltd. (OPCE:Tel Aviv) is an energy company leading the Energy Transition revolution in Israel and the United States and provides electricity in an efficient, reliable and environmentally friendly manner while combining solar energy, wind and natural gas with high efficiency. In Israel, OPC is the first and leading private electricity producer, offering its customers an integrated energy solution that includes the supply of all energy needs through the company’s production sites and in the customer’s yard using natural gas and solar energy. In the U.S., the company operates through the CPV Group, which supplies electricity using efficient natural gas and wind energy, and also builds and develops Powerhouse using natural gas, natural gas with reduced emissions, as well as solar and wind energy. For more information: please visit www.opc-energy.com/en

About Harrison Street Asset Management

Harrison Street Asset Management is a leading global alternative investment management firm with over $108 billion in assets under management through highly differentiated assets across real estate, infrastructure, and credit strategies. Headquartered in Chicago, Toronto and London with over 600 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of 1,200+ institutional and over 300+ Registered Investment Advisors.¹

¹ HSAM data and descriptions of HSAM’s business are generally comprised of the aggregated data and business activities of investment advisors that are owned in whole or in part by HSAM. Assets under management (“AUM”) reflects the AUM for the investment advisory and asset management clients of such investment advisors and is inclusive of the regulatory AUM of such investment advisors that is reported in their respective Form ADVs.

Contacts

Media Contacts

Sam Loftus

Director, Corporate Communications

Competitive Power Ventures

(617) 347-8094

[email protected]

Doug Allen/Ellie Johnson

Dukas Linden Public Relations

646-722-6530

[email protected]