LS Power has finalised an agreement with Algonquin Power & Utilities Corp. (AQN) to acquire its renewable energy division. The Renewables Business primarily consists of wind and solar assets spread across US and Canada. This includes 44 operating assets with a total generating capacity exceeding 3,000 MW, along with an 8,000 MW pipeline of wind, solar, battery energy storage, and renewable natural gas projects at various stages of development.
Around 2,700 MW of the portfolio’s assets are situated in the US, across the NYISO, MISO, PJM, ERCOT, and CAISO markets, with the remaining 300 MW located in Canada. The Renewables Business will be integrated into LS Power’s existing portfolio of energy transition platforms, which include: REV Renewables, EVgo, CPower Energy Management, Rise Light & Power, Primary Renewable Fuels, Endurant Energy, LS Power Transmission, LS Power Generation.
The transaction is anticipated to close in Q4 2024 or Q1 2025, pending the fulfilment of customary closing conditions, including approval from the US Federal Energy Regulatory Commission and clearance under relevant competition laws. Milbank LLP is acting as the legal advisor, while Scotiabank and BMO Capital Markets Corp. are serving as financial advisors to LS Power for this transaction.
