LS Power acquires Algonquin’s renewable energy business

Energy infrastructure company LS Power has acquired Algonquin Power & Utilities’ renewable energy business, adding over 3GW of wind and solar assets across the US and Canada to its portfolio. This expands LS Power’s renewable energy capacity, which exceeds 23GW.

The acquisition, agreed upon in August 2024, has led to the creation of Clearlight Energy, a new entity managing 44 projects and advancing a 1.8GW development pipeline. Clearlight Energy CEO Jeff Norman highlighted the company’s commitment to supporting the clean energy transition.

Algonquin’s renewable energy division includes an 8GW pipeline of renewable and storage projects in North America. Of this, 6.2GW will be integrated into LS Power’s subsidiary REV Renewables, enhancing its existing 2.9GW operational portfolio and expanding its development pipeline to over 21GW.

The deal was finalized after securing regulatory approvals in both countries. Milbank provided legal counsel, and financial advisory support was offered by Scotiabank and BMO Capital Markets.