Built on innovation

Anticipating an eventual overbuild of gas-fired power generation facilities, LS Power divested its power generation assets between 1998 and 2001. The Firm subsequently refocused its development efforts on other less crowded areas.

In anticipation of an increase in non-performing assets in the power sector, LS Power began offering asset management services to bank groups that had foreclosed, or were in the process of foreclosing, on distressed projects, overseeing all commercial, financial, legal, and regulatory matters.

LS Power was formed to invest in North American power and energy infrastructure, raising over $13 billion in committed equity capital to date. Through both development and investment activities, LS Power has owned and operated more than 200 generation projects since inception.

LS Power expanded into high-voltage transmission to support the evolving U.S grid. To date, the Firm has built 780+ miles of high-voltage transmission systems and operates 7 transmission utilities across 7 states. Current projects in development or under construction include an additional 350+ miles and multiple substations. LS Power’s transmission utilities span 5 RTO/ISOs and other regions, supporting the energy planning needs for an electric grid that serves 28 states and more than 185 million people.

LS Power pioneered private development and investment in utility-scale renewables beginning with 3 solar projects with a total capacity of 438 MWdc – enough to power 90,000 homes. Today, we continue to expand our renewable energy portfolio of utility-scale solar, wind, and hydro generation across the country.

LS Power was among the first to privately develop standalone battery energy storage at utility-scale. Vista Energy Storage (40MW) was the largest battery in the U.S. when energized in 2018. Gateway Energy Storage (250 MW), located in San Diego, was the world’s largest battery when it was energized in August 2020 – helping to stabilize the grid by providing much needed power during peak demand periods just days before rolling blackouts were ordered in California during extreme heat waves.

Established LS Power Solutions as a platform to invest in and scale energy infrastructure businesses that are designed to modernize the grid. Our first acquisition was CPower Energy, the market leader in demand response and distributed energy resources management in North America.

LS Power Solutions expanded to include infrastructure electrification and renewable fuels. We partnered with the Landfill Group to deliver renewable natural gas solutions from landfill waste, thereby reducing its carbon footprint while simultaneously generating clean energy.

Capable of powering 700,000+ homes, REV is designed to propel the industry toward a more sustainable future.

LS Power published its inaugural Sustainability report, highlighting projects and investments that modernize the energy grid, its collaborative culture, commitment to reliability and affordability, advocacy for transparent, market-driven policies, and ongoing support for local communities.

LS Power formed Lightning Power, one of the largest independent power producers in America with an ~11 GW natural gas operating portfolio. Lightning Power’s fleet of flexible and diversified natural gas plants support grid reliability and resilience – increasingly critical in the face of significant power demand growth driven by artificial intelligence, data centers, and the reshoring of manufacturing.

In a significant milestone, LS Power announced the sale of a 13GW gas generation portfolio and CPower – a leading commercial and industrial virtual power plant platform – to NRG Energy for $12 billion in cash and common stock.

Under LS Power’s ownership, the portfolio had been carefully assembled, expanded, redeveloped, repositioned and operated to provide critical services to the grid, enhancing both its resilience and affordability, while meeting the growing energy demand in the markets it serves. The sale creates new opportunity for LS Power’s continued growth across the energy infrastructure landscape.

Also in 2025, LS Power expanded its North American portfolio through the acquisition of a ~3,000 MW operating renewables business from Algonquin Power, comprising wind, solar, and battery energy storage assets across the U.S. and Canada.