LS Power, a leading development, investment, and operating company focused on the North American power and energy infrastructure sector, announced the completion of its acquisition of Algonquin Power & Utilities Corp.’s renewable energy business.
The acquisition strategically expands LS Power’s renewable energy portfolio, adding to a fleet of more than 23,000 megawatts (MW) of top-performing renewable, energy storage, flexible gas and renewable fuels generation capacity, as well as a deep pipeline of projects in various stages of development.
“By substantially increasing our generation capacity and pipeline of new renewable projects, we will continue to help meet rising power demand while advancing the energy transition,” said Paul Segal, CEO of LS Power. “We see great opportunity to deliver renewable projects at scale across the country, and this transaction furthers our plan to execute this vision.”
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With the close of the transaction, LS Power formed a new company, Clearlight Energy (“Clearlight”), to manage and grow the acquired operating wind and solar assets, which are located throughout the United States and Canada, and include 44 projects with more than 3,000 MW of generating capacity.
“Establishing Clearlight Energy is an exciting achievement to support the transition to cleaner energy during this pivotal moment, and I am thrilled to work alongside a highly capable team at Clearlight and LS Power,” said Jeff Norman, CEO of Clearlight Energy. Norman was previously President of Renewables at Algonquin, and brings almost 30 years of experience managing, operating, and developing energy projects and utilities throughout North America.
Algonquin‘s renewable energy business includes a development pipeline of 8,000 MW of renewable and storage projects throughout North America. Clearlight Energy is acquiring 1,800 MW of the development pipeline, which includes projects in Canada and those that are co-located with the existing operating assets.
REV Renewables, a subsidiary of LS Power, will be acquiring the remaining 6,200 MW of development projects within the United States. This acquisition will form a robust addition to REV Renewables’ already sizeable fleet of ~2,900 MW operating wind, solar, battery energy storage resources, and expand its development pipeline to more than 21,000 MW.
“The acquisition of these additional development projects complements REV’s objectives to develop renewable energy solutions that will transform our electric system,” added Ed Sondey, CEO of REV Renewables.
SOURCE: PRNewswire