LS Power to Acquire Algonquin Power’s Renewable Energy Business, Expanding Clean Energy Footprint Across North America!
In a bold move to expand its clean energy portfolio, US-based LS Power has announced an agreement to acquire the renewable energy business of Algonquin Power & Utilities. This acquisition is set to significantly boost LS Power’s presence in the renewable energy sector, with a portfolio that includes a mix of wind and solar assets spanning the United States and Canada, boasting over 3000MW of generating capacity.
The acquisition also includes a substantial 8000MW pipeline of future projects, ranging from wind and solar to battery energy storage and renewable natural gas, all in various stages of development. This massive pipeline highlights the strategic importance of the deal, positioning LS Power as a key player in the ongoing energy transition.
A significant portion of these assets—approximately 2700MW—is located across major US energy markets, including NYISO, MISO, PJM, ERCOT, and CAISO, with the remaining 300MW in Canada. This geographic diversity not only strengthens LS Power’s renewable portfolio but also ensures a wide-reaching impact on North America’s clean energy landscape.
Paul Segal, Chief Executive of LS Power, expressed his excitement about the acquisition: “This represents a significant strategic investment in and expansion of LS Power’s renewable energy portfolio. This business complements our existing fleet of more than 19,000MW 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.”
This acquisition will integrate seamlessly into LS Power’s existing portfolio of energy transition platforms, including REV Renewables—a leader in renewable generation and energy storage—and Rise Light & Power, New York City’s largest generator and developer of clean energy infrastructure, including battery storage and offshore wind interconnection. Together, these platforms will drive LS Power’s mission to lead in the energy transition and meet the growing demand for clean, reliable energy.
The transaction, expected to close in Q4 2024 or Q1 2025, is subject to regulatory approvals, including the US Federal Energy Regulatory Commission and competition law clearances. Once completed, this acquisition will position LS Power at the forefront of the clean energy movement, with a comprehensive portfolio ready to tackle the challenges of the future.
LS Power is being supported in this acquisition by Milbank as legal advisor and Scotiabank and BMO Capital Markets as financial advisors, ensuring a smooth and strategic transition.
This deal marks a major milestone not only for LS Power but for the entire renewable energy sector, underscoring the accelerating shift towards sustainable energy solutions across North America. Stay tuned as LS Power continues to lead the charge in building a cleaner, greener future! #RenewableEnergy #CleanEnergy #LSPower #AlgonquinPower #EnergyTransition #Sustainability #WindPower #SolarEnergy #EnergyStorage #NorthAmerica #GreenEnergy #StrategicInvestment