LS Power on Aug. 9 said it has reached an agreement with Algonquin Power & Utilities Corp. to acquire Algonquin’s renewable energy business. Algonquin will sell the business for a total consideration of up to $2.5 billion.
The 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 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 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.
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 more than 780 miles of high-voltage transmission, with more than 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.
