Loader
 

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

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, in addition to its development of more than 660 miles of high voltage transmission, LS Power has developed, constructed, managed or acquired in total more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects. LS Power actively invests in distributed energy resource platforms, such as CPower Energy Management, Endurant Energy and EVgo, as well as Waste-to-Renewable Generation and Fuel initiatives. Additionally, LS Power invests in renewables and energy storage through REV Renewables. Across its efforts, LS Power has raised in excess of $48 billion in debt and equity financing to support North American infrastructure. For more information, please visit www.LSPower.com.