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LS Power to Acquire 3,950 MW Northeast Power Generation Portfolio

LS Power to Acquire 3,950 MW Northeast Power Generation Portfolio

November 01, 2016

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 3,950 MW of generation resources in the Northeastern United States, through its affiliate Helix Generation, LLC, from TransCanada Corporation (“TransCanada”) (NYSE: TRP) for $2.2 billion in cash, subject to working capital and other adjustments.

The portfolio consists of the following four generation facilities:

  • Ravenswood (Queens, New York) – 2,480 megawatts, multiple-unit generating natural gas facility using dual fuel-capable steam turbine, combined-cycle and combustion turbine
  • Ironwood (Lebanon, Pennsylvania) – 778 megawatts, natural gas combined-cycle facility
  • Ocean State Power (Burrillville, Rhode Island) – 560 megawatts, natural gas combined-cycle facility
  • Kibby Wind (Franklin County, Maine) – 132 megawatts, wind farm

“LS Power’s experience owning and operating a diverse array of generating facilities throughout the Northeast uniquely positions us to acquire this portfolio of power plants,” said Paul Segal, chief executive officer of LS Power. “Each of these assets serves a distinct and crucial role to meet the demand needs in their respective Northeast markets. Moreover, these facilities are staffed by skilled personnel that maintain safe and efficient operations for their customers. We look forward to ensuring a smooth transition of ownership and responsible stewardship of these vital assets.”

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

Media Contact

Dana Gorman
The Abernathy MacGregor Group, for LS Power
(212) 371-5999
dtg@abmac.com

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 and operates 680 miles of high-voltage transmission, with 200+ 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.