CPV buys wind turbines from Siemens

Silver Spring, Md.-based CPV Renewable Energy announced today that it acquired 44 wind turbines from Germany's Siemens Power Generation. CPV plans to use the 2.3 megawatt turbines for its Keenan wind project in Woodward County, Okla.

Financial terms of the deal were not disclosed.

CPV is part of Competitive Power Ventures, which is owned by New York private equity firm Warburg Pincus, certain individual investors and members of Competitive Power Ventures' management team. Siemens Power Generation is a subsidiary of Munich, Germany's Siemens (NYSE: SI).

"CPV and Siemens have a long-standing relationship in the energy business," said Sean Finnerty, senior VP at CPV. "The Keenan project is a significant milestone for CPV and will bring a steady supply of renewable energy to Oklahoma."

The 101 MW Keenan wind farm will generate enough power to meet the electricity demands of approximately 30,000 households. The initial phase of the project is expected to enter commercial operation in 2009.

Andreas Nauen, CEO of the Siemens Wind Power Business unit, said, "The U.S. is the largest market for our wind turbines business and we are pleased that Competitive Power Ventures selected Siemens for its first wind farm in Oklahoma, which will also be our first wind project in that state." Siemens will supply, install and commission the turbines.

CPV said it has projects underway in 12 states, with a portfolio of wind projects totaling over 5,000 MW.