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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:

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.