Competitive Power Ventures (CPV), through its affiliate CPV Renewable Power, has commenced commercial operations at the CPV Backbone Solar project in Garrett County, Maryland. The 160 MW solar project has been developed in partnership with Harrison Street Asset Management and is located on reclaimed land from a decommissioned coal mine.
Additionally, the project secured its third round of solar tax equity financing with US Bank, with Marathon Capital acting as financial advisor during the transaction. The project comprises approximately 324,000 solar panels and has been designed to generate electricity sufficient to supply around 30,000 households in Maryland. Construction was carried out by Vanguard Energy Partners, and project development activities began in 2020.
Furthermore, construction has commenced on a second phase of the project, which is expected to increase total installed capacity to 175 MW. With this addition, CPV Backbone Solar now operates alongside four existing wind and solar projects within the Competitive Power Ventures renewable portfolio, which also includes a development pipeline of 4.8 GW.
