CPV Basin Ranch on Track to Start Construction Following Air Permit Approval
AUSTIN, Texas, January 22, 2025 — The Texas Commission on Environmental Quality (TCEQ) has issued the air permit for Competitive Power Ventures’ planned 1,350-megawatt combined-cycle natural gas power plant currently in the advanced stages of development with financing expected late in the second quarter of this year. The CPV Basin Ranch Energy Center (“CPV Basin Ranch”) is being designed with the option to include a carbon capture system.
The permit authorizes the construction and operation of the plant near Barstow, Ward County, Texas, in the Permian Basin. Issuance of the permit is the latest milestone for the project over the last 12 months in addition to advancing in the Texas Energy Fund loan program and finalizing an important tax abatement agreement with local officials in Ward County.
“For the last three years, our company has been diligently working on the development of CPV Basin Ranch. We are proud of the work to date and will remain laser focused as we move through the final steps of development. We thank the TCEQ for its assistance through the extensive air permit process,” said Peter Podurgiel, CPV’s President of Low Carbon Generation. “The Texas Energy Fund is proving to be an excellent tool to help bring needed development of reliable energy resources to the state.”
CPV Basin Ranch will be one of the most efficient and modern plants in Texas, adding reliable power generation to ERCOT that will help meet rising demand while supporting the region’s economic development. To address a key concern across the state in recent years regarding reliability during extreme weather situations, CPV Basin Ranch will include connections to multiple sources of natural gas supply to maximize the facility’s performance during critical situations and ensure it can provide key services when needed most.
Building Momentum and Driving Forward
Last August, the Public Utility Commission of Texas advanced CPV Basin Ranch’s application to the due diligence phase of review for a low-interest loan under the Texas Energy Fund (TEF) program. This is the largest project to advance under the program and one of the first expected to be built with the option for carbon capture.
“CPV Basin Ranch shows the TEF program is working as intended by enticing well-established developers like CPV to Texas,” said Texas state Rep. Brooks Landgraf. “This project is critical to help Texans build a reliable power grid as our state continues to grow.”
“This is a win-win for the State of Texas and the communities in the Permian Basin. We need to bring baseload dispatchable generation online that will strengthen our grid and serve Texans. We have an urgent need to build gas-fired baseload projects in the Permian to support the continued growth of oil and gas production. The location of CPV Basin Ranch is an example of the TEF complementing our efforts to show the opportunities in West Texas and attracting companies to our region,” said state Sen. Kevin Sparks.
“We are seeing increased energy demands in the Basin, CPV recognizes the need and is working to bring this project to our region with the latest technology, allowing us to electrify the operations of our oil and gas producers,” said state Rep. Eddie Morales. “With thousands of jobs being created during the construction of CPV Basin Ranch and hundreds once operational, we can expect a boost across the region as well. The team at CPV is ready to go and brings the industry know-how to get the job done and quickly.”
Recognizing the value of the project, Ward County commissioners in September 2024 approved a partial 10-year property tax abatement for the project.
“We’re excited about this project for Ward County. CPV Basin Ranch will not only be a great asset to the state’s energy grid but will have an enormous impact on our local economy. We will see job growth both during construction and into operation along with a long-term tax benefit,” said Ward County Judge Greg M. Holly. “CPV has shown an openness to work with our region, and we feel strongly this will create a positive ripple locally and beyond.”
“True to Monahans culture, to make progress happen requires collaboration across the board. We are thrilled to be working alongside CPV to bring this project to our region” said Monahans Chamber of Commerce Executive Director Teresa Burnett. “This is an excellent opportunity to not only create more jobs but bring in our local experts to advance this project across the finish line.”
Construction is expected to begin late in the second quarter. Commercial operations are expected to start in 2028.
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, as well as charging electric vehicles. 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
Media Contact
Sam Loftus
Director, Corporate Communications
(617) 347-8094
sloftus@cpv.com