LS Power, a developer, owner, operator, and investor in power generation and electric transmission infrastructure, announced the acquisition of Algonquin Power & Utilities renewable energy business.
With this acquisition, LS Power will expand its renewable energy portfolio, adding more than 23 GW of renewable energy storage, flexible gas, and renewable fuels generation capacity, as well as a pipeline of projects in various stages of development.
With the close of the transaction, LS Power formed a new company, Clearlight Energy, to manage and grow the acquired operating wind and solar assets. These assets are located throughout the U.S. and Canada and include 44 projects with more than 3,000 MW of generating capacity.
Algonquin’s renewable energy business includes an 8,000 MW development pipeline of renewable and storage projects throughout North America. Clearlight Energy is acquiring 1,800 MW of the development pipeline.
REV Renewables, a subsidiary of LS Power, will acquire the remaining 6,200 MW of development projects in the U.S.
“By substantially increasing our generation capacity and pipeline of new renewable projects, we will continue to help meet rising power demand while advancing the energy transition. We see a great opportunity to deliver renewable projects at scale across the country, and this transaction furthers our plan to execute this vision.”, said Paul Segal, CEO of LS Power.
Milbank LLP served as legal advisor, and Scotiabank and BMO Capital Markets Corp. served as financial advisors to LS Power during the acquisition.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, there were 62 solar M&A transactions in 9M 2024 compared to 75 in 9M 2023.
In January, Ethical Power Group, a solar and energy storage project developer, announced that quant investor Greg Skinner acquired a 50% stake in the company from Hive Energy. Founder and CEO Thomas Kneen maintains 50% of the business.
