LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector, announced it has reached an agreement with Algonquin Power & Utilities Corp, to acquire its renewable energy business (the “Renewables Business”).
The Renewables Business is comprised largely of wind and solar assets located throughout the United States and Canada, including 44 operating assets with more than 3,000 megawatts (MW) of generating capacity and an 8,000 MW pipeline of wind, solar, battery energy storage and renewable natural gas projects in various stages of development.
Approximately 2,700 MW of the portfolio’s assets are located in the U.S., across NYISO, MISO, PJM, ERCOT and CAISO markets, with the remaining 300 MW located in Canada.
“This represents a significant strategic investment in and expansion of LS Power’s renewable energy portfolio,” said Paul Segal, CEO of LS Power. “This business complements our existing fleet of more than 19,000 MW of top-performing renewable, energy storage, flexible gas and renewable fuels projects. We believe this platform will play a significant role in meeting the challenges of rising electric demand and advancing the energy transition.”
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The Renewables Business will join LS Power’s existing portfolio of energy transition platforms, including:
- REV Renewables, a leader in renewable generation and energy storage
- EVgo, a fast-charging network for electric vehicles, powered by 100% renewable energy
- CPower Energy Management, a leading, national distributed energy resource monetization and virtual power plant services business
- Rise Light & Power, New York City’s largest generator and developer of clean energy infrastructure including battery storage and offshore wind interconnection
- Primary Renewable Fuels, a leading waste-to-renewable natural gas development and operating platform
- Endurant Energy, a provider of distributed energy infrastructure
- LS Power Transmission, a leading private transmission owner and developer with 780+ miles of high-voltage transmission lines operating and 350+ miles and multiple substations under development or construction
- LS Power Generation, a large scale dispatchable generation platform providing energy, reliability and flexibility to the grid
SOURCE: PRNewswire