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LS Power Agrees to Acquire 1,572 MW Power Generation Portfolio from FirstEnergy

LS Power Agrees to Acquire 1,572 MW Power Generation Portfolio from FirstEnergy

January 20, 2017

U.S. power and energy infrastructure owner LS Power Equity Advisors, LLC (“LS Power”) announced today that it has signed an agreement to acquire approximately 1,572 MW of generation resources in the Northeastern United States from FirstEnergy Corporation (“FirstEnergy”) (NYSE: FE).

The facilities are located in the PJM power market and the aggregate portfolio consists of the following:

  • Springdale (Springdale, PA) – 638 megawatts, natural gas combined cycle facility plus two simple-cycle peaking units
  • Chambersburg (Guildford, PA) – 88 megawatts, two simple-cycle peaking units
  • Gans (Springhill, PA) – 88 megawatts, two simple-cycle peaking units
  • Hunlock (Hunlock Creek, PA) – 45 megawatts, one simple-cycle peaking unit
  • Bath (Warm Springs, VA) – 3,000 megawatts, pumped storage hydroelectric facility (23.8% ownership interest)

The transaction is expected to close in the third quarter of 2017, pending receipt of necessary regulatory approvals and third-party consents.

ABOUT LS POWER:

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy transition solutions. Since inception, LS Power has developed or acquired 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Additionally, LS Power Grid has built 780+ miles of high-voltage transmission, with 350+ miles and multiple grid infrastructure projects currently under construction or development. LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised $54 billion in debt and equity capital to support North American infrastructure. For information, please visit www.LSPower.com.