LS Power to acquire Algonquin’s renewable energy business
US-based LS Power has agreed to acquire the renewable energy business of Algonquin Power & Utilities, which includes wind and solar assets across the US and Canada. The portfolio comprises 44 operating assets with more than 3GW of generating capacity, along with an 8GW pipeline of wind, solar, battery energy storage, and renewable natural gas projects in various stages of development.
Most of the assets, around 2.7GW, are located in the US, with the remaining 300MW in Canada. The acquisition will enhance LS Power’s existing energy transition platforms, including REV Renewables, EVgo, CPower Energy Management, Rise Light & Power, and Primary Renewable Fuels. The transaction is expected to close between Q4 2024 and Q1 2025, subject to regulatory approvals.
This acquisition follows LS Power’s recent decision to sell a significant portfolio of natural gas power plants in the US, which supply 5GW of electricity to the PJM Interconnection grid.