ST. CHARLES, MD -- American Community Properties Trust (AMEX:APO) announced today that it has reached agreement on the sale of 77 acres in St. Charles to Maryland-based Competitive Power Ventures (CPV), which plans to build a $400 million, natural-gas fired electric generation plant on the site. Terms of the sale were not disclosed.
"We are pleased to welcome CPV to St. Charles," said Edwin L. Kelly, president and chief operating officer of ACPT. "This project will be a winner economically and environmentally, and reaffirms the fundamental strength of St. Charles -- to meet the continuing residential housing and commercial development needs of our community."
CPV plans to build a 600 MW combined-cycle natural gas facility, similar to their planned facility in Warren County, Virginia that has been hailed as one of the cleanest natural gas facilities in the United States and the cleanest natural gas plant in the State of Virginia.
"Economically, this plant will generate millions of dollars in tax revenue for Charles County, be a source of well-paying construction and permanent employment, and help meet the growing energy demands of the entire region," said Mr. Kelly. "This is the appropriate place in Charles County and St. Charles for clean energy development -- in between a high-voltage transmission line, an asphalt plant and the Charles County landfill."
The site of the proposed plant, in the Piney Reach Industrial Park on Billingsley Road, has previously been approved for construction of a 1560-MW electrical plant in 2001. ACPT is widening Billingsley Road, the major access road to the power plant site, in conjunction with the Company's development agreement with the Charles County Commissioners. Overall, ACPT is in the process of constructing nearly $40 million in road and infrastructure improvements throughout St. Charles.
Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company. In addition to its headquarters in Silver Spring , Maryland, CPV has offices in Braintree, Massachusetts; Lakewood , Colorado; and San Francisco, California. The company's development professionals have played critical roles in the successful development of more than 30 power plants, representing over 15,000 megawatts of currently operational power generation capacity. In addition to its natural gas-fired generation development program, the company has developed over 3,500 MW of wind energy projects and manages over 5,500 MW of operational natural-gas fired, combined cycle plants throughout the United States.
ACPT (AMEX:APO) is a diversified real estate organization with operations in Maryland and Puerto Rico that specializes in community development, multifamily rental properties, and asset management services. ACPT is currently listed on the American Stock Exchange under the symbol AmCmntyProp (APO).
For more information about ACPT, visit http://www.acptrust.com/. For more information about the planned community of St. Charles, visit http://www.stcharlesmd.com/. For more information about CPV, visit http://www.cpv.com/.
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Source: American Community Properties Trust
CONTACT: Craig Renner of American Community Properties Trust,
+1-301-843-8600
Web site: http://www.acptrust.com/
http://www.stcharlesmd.com/
http://www.cpv.com/
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