Loader
 

LS Power Completes Acquisition of 3,950 MW Power Generation Portfolio in Northeast

LS Power Completes Acquisition of 3,950 MW Power Generation Portfolio in Northeast

June 05, 2017

New York, NY – June 5, 2017 — U.S. power and energy infrastructure owner LS Power Equity Advisors LLC (“LS Power”) announced today that it has completed the acquisition of approximately 3,950 MW of generation resources in the Northeastern United States, through its affiliate Helix Generation, LLC, from TransCanada Corporation (“TransCanada”) (NYSE: TRP).

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

“We are pleased to complete this acquisition and are committed to making this a smooth transition for the dedicated professionals operating these facilities and their communities,” said Paul Segal, chief executive officer of LS Power. “LS Power’s experience owning and operating a diverse array of generating facilities throughout the Northeast uniquely positions us to own and manage this portfolio of power plants. 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.”

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.