LS Power Acquires 25 Facilities, Expands Solar Portfolio to 467 MW

LS Power Acquires 25 Facilities, Expands Solar Portfolio to 467 MW

A North American development, investment, and operating company, LS Power has announced that it has entered the clean energy platform by acquiring 25 solar power facilities from Public Service Enterprise Group Incorporated (PSEG). LS has taken its portfolio to 467 MW of solar capacity. 

The solar facilities are being acquired by LS Power affiliate, Quattro Solar, LLC, and the transaction is expected to close in the second or third quarter of 2021, subject to customary regulatory approvals. 

Speaking of the Acquisition, LS Power CEO Paul Segal stated, “Today’s announcement underscores LS Power’s commitment to scaling a diversified development and operating platform that will drive the decarbonization of our economy.”  

The solar facilities which have been acquired by LS Power under its clean energy investments are: 

  • EVgo, the nation’s largest public fast-charging network for electric vehicles and the first powered by 100% renewable energy;
  • CPower Energy Management, LS Power’s industry-leading demand-side energy management solutions provider;
  • 4,000+ MW battery energy storage platform (includes operating projects such as Gateway, which was the largest battery project in the world when energized in 2020, as well as other projects in operation or development);
  • 1,600+ MW long-duration pumped storage hydro platform, the largest unregulated pumped storage fleet in the U.S.;
  • 140+ MW of wind power in operation, with more renewable generation in development;
  • 600+ miles of high-voltage transmission lines that enhance grid reliability and efficiency, and connect renewable generation to load centers; and
  • Prime Renewable Fuels, a landfill gas to renewable natural gas development and operating platform

The solar portfolio crosses over 14 states and five regional transmission organizations (RTOs), profiting from power off-take agreements with a variety of utilities, electric cooperatives, and other large energy suppliers. Following are the locations of the markets and states where the 25 solar assets are located:

  • 12 facilities in PJM (198.7 MWdc across DE, MD, NC, NJ, and OH)
  • 7 facilities in CAISO/WEIM (151.6 MWdc across AZ, CA, OR, and UT)
  • 4 facilities in SERC/SW (103.3 MWdc across CO, FL, and TX)
  • 1 facility in NYISO (10.6 MWdc in NY)
  • 1 facility in ISO-NE (3.6 MWdc in VT)

Altogether, they make a 467.8 MW of solar portfolio of LS Power. “The addition of these solar projects is part of LS Power’s expanding effort to enable the evolution of a cleaner power grid,” Paul added. 

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