Grundy Reporter

State Sen. Sue Rezin (R-Morris) is saluting CPV Energy after the company’s recent selection as the Power, Finance & Risk’s (PFR) Conventional Power Deal of the Year Award winner.

“Congrats to CPV Energy Three Rivers on the well-deserved recognition,” Rezin posted on Facebook.

CPV netted the award for its $1.3 billion raise for the Three Rivers Energy Center, which was completed in partnership with GE Energy Financial Services, Osaka Gas USA, Axium Infrastructure and Harrison Street. With the effects of the COVID-19 pandemic still lingering and oil price volatility still raging, the Illinois-based project is the only conventional greenfield power project to achieve financing last year.

“CPV is honored that PFR has recognized our CPV Three Rivers’ financing with their Conventional Power Deal of the Year Award,” CPV CEO Gary Lambert said in a post to the company’s website. “Once operational, CPV Three Rivers will be a highly efficient power plant which complements intermittent renewable generation and will help the U.S. maintain grid reliability while driving the transition to a clean, responsible energy future.”

In addition to the $1.3 billion in private investment, the project includes $875 million of senior credit facilities from a diverse group of 14 international financial institutions and investment from a consortium of equity partners, with the senior debt raise comprised of a $750 million term loan with fixed- and floating-rate tranches and $125 million of ancillary credit facilities.

“CPV’s Three Rivers’ financing demonstrates our perseverance even in difficult times to bring projects across the finish line and the trust our partners and lenders have in us,” Chief Financial Officer Paul Buckovich said. “Our decades-long financial partnerships and track record of bringing power projects from financing into operation are why we were able to emerge as the only U.S. conventional power project financed last year.”

Thus far in 2021, CPV Three Rivers has scored four prestigious honors and awards and Three Rivers is the company’s largest project to date, expected to meet the demand of up to 1.25 million homes and businesses serving Northern Illinois, including Chicago, once it is fully constructed.

“Three Rivers was the only major construction gas-fired project financing in the entire US last year and they got it done,” concluded one of the PFR judges. “To get the only one done, I think you deserve some kind of medal.”