The 1,350 MW project will provide much-needed, dispatchable generation to ERCOT.
MONAHANS, Texas–(BUSINESS WIRE)–Competitive Power Ventures (CPV) officially broke ground today on the construction of the CPV Basin Ranch Energy Center, a 1,350-megawatt combined-cycle natural gas power plant in the Permian Basin. Company leaders, project partners, and community members gathered to celebrate the milestone.
“These are the days that excite our team, seeing a project enter into construction after years of development,” said Sherman Knight, CEO of CPV. “We are committed to bringing responsible energy to regions where power generation is needed. To us, responsible energy means building projects that bolster reliability, retains the risk of the investment on us instead of the ratepayer, while doing so in an environmentally responsible way, and taking our role as a community partner to heart.”
“Projects like CPV Basin Ranch will only succeed when they have the support of the people they serve. We’re honored that your support will allow us to be part of this community for many, many years to come,” said Peter Podurgiel, President of Low Carbon Generation at CPV.
CPV Basin Ranch represents an investment of approximately $2 billion and will result in over $400 million in local tax revenue throughout the life of the project.
Gemma Power Systems will lead construction efforts for the project. The facility will be equipped with state-of-the-art turbines by GE Vernova and is permitted and designed to include a carbon capture system in future phases of the project.
Last month, Texas Governor Greg Abbott announced a $1.1 billion Texas Energy Fund (TxEF) loan for CPV Basin Ranch. It is the largest project announced to date for TxEF financing and accounts for more than 10% of the program’s targeted 10 GW of new, dispatchable generation capacity.
Community Partnership Remains a Priority
Over the past four years, CPV and the CPV Basin Ranch development team have worked closely with local and state officials to introduce the project, adhere to regulatory requirements, and build relationships with community stakeholders.
“It’s been a wonderful opportunity working alongside CPV, to bring the CPV Basin Ranch Energy Center to our region. It is opening the door to valuable opportunities in our region through jobs and positive economic impact,” said Teresa Burnett, Monahans Chamber of Commerce Executive Director, who spoke during the ceremony.
“We recognized the great value this project will bring to our community,” wrote Ward County Judge Greg M. Holly in a statement shared ahead of the event. “Further, we saw that CPV was going to be a valuable long-term partner. Construction will add jobs, and the completed facility will be a benefit to our community and our state for many years to come.”
As part of CPV’s commitment to being active partners in the community, the company proudly donated $10,000 to Monahans Kids Zone, a nonprofit afterschool and summer program for children (grades 1-6) in Monahans, Texas, with current plans to expand their offerings.
“We truly appreciate this commitment from CPV as it will help us in reaching our fundraising goals to expand our operations in 2026 and beyond. It is only through the support of our local partners that we can keep providing critical services to our local youth,” said Bryan Heflin, Ward County Greater Works President.
“Organizations like the Monahans Kids Zone are integral in allowing communities to thrive,” said Podurgiel. “It’s our duty, as partners in the region, to do our part to help ensure their success.”
CPV Basin Ranch is expected to reach commercial operations in 2029. Once operational, it will be capable of powering the equivalent of 850,000 West Texas homes. The project is part of the company’s current development pipeline of over 10 GW of dispatchable and renewable generation.
About CPV
CPV Group LP, a partnership majority owned by OPC Energy Ltd., has 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
Contacts
Media Contact
Sam Loftus
Director, Corporate Communications
Competitive Power Ventures
(617) 347-8094
