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LS Power Announces Acquisition of Yards Creek (Pumped Storage Hydro) Station in NJ

LS Power Announces Acquisition of Yards Creek (Pumped Storage Hydro) Station in NJ

May 05, 2020

U.S. power and energy infrastructure owner LS Power Equity Advisors, LLC (“LS Power”) announced today that it has signed definitive agreements to acquire the Yards Creek Power Station in NJ.

LS Power’s acquisition of Yards Creek, a 420 MW pumped storage hydro facility in New Jersey, will involve two counterparties, as LS Power anticipates closing on the first 50% undivided interest from PSEG Fossil LLC in the second half of 2020, subject to necessary regulatory approvals and third-party consents. Additionally, LS Power will be acquiring the remaining 50% interest in Yards Creek from FirstEnergy Corp.’s utility subsidiary, Jersey Central Power & Light, for which closing is anticipated to occur in mid-2021, 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 over 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through LS Power Grid, the firm has built and operates approximately 680 miles of high-voltage transmission and has another 200+ miles and multiple grid infrastructure projects currently under construction or development. Across its efforts, 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 $53 billion in debt and equity capital to support North American infrastructure.