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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:

LS Power is a development, investment, and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, LS Power has developed, constructed, managed, or acquired more than 46,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired, and battery energy storage projects, of which ~17,000 MW are currently operating. LS Power’s Energy Transition Platforms include CPower Energy Management, Endurant Energy, EVgo, Rise Light & Power, and REV Renewables, as well as Waste-to-Energy initiatives. In addition, LS Power developed and operates over 680 miles of high-voltage transmission, with an additional 100+ miles and multiple substations under construction. Across these efforts, LS Power has raised $50 billion in debt and equity financing to support North American infrastructure. Through 2021, assets under LS Power control avoided 80.67 million metric tons of CO2e, equivalent to nearly 187 million barrels of oil not consumed or over 17.5 million cars taken off the road for one year. For more information, please visit www.LSPower.com.