NEW
YORK, Aug. 9, 2024 /PRNewswire/ -- LS Power, a
leading development, investment and operating company focused on
the North American power and energy infrastructure sector, today
announced it has reached an agreement with Algonquin Power &
Utilities Corp. (TSX/NYSE: AQN) ("AQN") 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."
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
The transaction is expected to close in Q4 2024 or Q1 2025 and
is subject to the satisfaction of customary closing conditions,
including the approval of the U.S. Federal Energy Regulatory
Commission and approval under applicable competition laws.
Milbank LLP is serving as legal advisor and Scotiabank and BMO
Capital Markets Corp. are serving as financial advisors to LS Power
on the acquisition.
About LS Power
Founded in 1990, LS Power is a premier development, investment,
and operating company focused on the North American power and
energy infrastructure sector, with leading platforms across
generation, transmission and energy transition solutions. Since
inception, LS Power has developed or acquired 47,000 MW of power
generation, including utility-scale solar, wind, hydro, battery
energy storage, and natural gas-fired facilities. Additionally, LS
Power Grid has built 780+ miles of high-voltage transmission, with
350+ miles and multiple grid infrastructure projects currently
under construction or development. LS Power actively invests in and
scales businesses that are accelerating the energy transition,
including electric vehicle charging, demand response, distributed
energy resources, renewable fuels and other essential energy
infrastructure. Over the years, LS Power has raised $59 billion in debt and equity capital to support
North American infrastructure. For information, please visit
www.LSPower.com.
About Algonquin Power & Utilities Corp. and
Liberty
Algonquin Power & Utilities Corp., parent company of
Liberty, is a diversified international generation, transmission,
and distribution utility with approximately $18 billion of total assets. AQN is committed to
providing safe, secure, reliable, cost-effective, and sustainable
energy and water solutions through its portfolio of generation,
transmission, and distribution utility investments to over one
million customer connections, largely in the United States and Canada. In addition, AQN owns, operates,
and/or has net interests in over 4 GW of installed renewable energy
capacity. AQN's common shares, preferred shares, Series A, and
preferred shares, Series D are listed on the Toronto Stock Exchange
under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's
common shares and Series 2019-A subordinated notes are listed on
the New York Stock Exchange under the symbols AQN and AQNB,
respectively. Visit AQN at www.algonquinpower.com and follow us on
Twitter @AQN_Utilities.
View original
content:https://www.prnewswire.com/news-releases/ls-power-agrees-to-acquire-large-scale-renewable-energy-business-from-algonquin-power--utilities-corp-302218817.html
SOURCE LS Power
