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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

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:

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 consistently been at the leading edge of the industry’s evolution, often introducing or commercializing new technologies and developing new markets. To date, LS Power has developed, constructed, managed or acquired more than 42,000 MW of power generation, including utility scale solar, wind, hydro, natural gas-fired and battery storage projects, and over 630 miles of transmission, for which it has raised in excess of $45 billion in debt and equity financing to support North American infrastructure. Additionally, LS Power actively invests in businesses and platforms focused on distributed energy resources and energy efficiency. For more information, please visit www.LSPower.com.