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LS Power Completes Acquisition of 1,600 MW Power Northeast Generation Portfolio

LS Power Completes Acquisition of 1,600 MW Power Northeast Generation Portfolio

May 04, 2018

New York, NY – May 4, 2018 — U.S. power and energy infrastructure owner LS Power Equity Advisors LLC (“LS Power”) announced the completed acquisition of two additional generation facility interests from FirstEnergy Corporation through its affiliate Aspen Generating, LLC:

  • Bath (Bath County, Virgina) – 3,008 megawatts, pumped storage hydroelectric facility, for which LS Power acquired a 23.8% interest (716 MW) in May 2018, and
  • Buchanan (Buchanan County, Virginia) – 80 megawatts, two simple-cycle gas-fired peaking units, for which LS Power acquired a 50% interest (40 MW) in March 2018.

The initial transaction with FirstEnergy Corporation occurred in December 2017, when LS Power acquired four generation facilities:

  • Springdale (Springdale Township, Pennsylvania) – 623 megawatts, multiple-unit generating facility using simple-cycle and combined-cycle unit
  • Chambersburg (Guilford Township, Pennsylvania) – 88 megawatts, natural gas combined-cycle facility
  • Gans (Springhill Township, Pennsylvania) – 88 megawatts, natural gas combined-cycle facility
  • Hunlock (Hunlock Creek, Pennsylvania) – 45 megawatts, natural gas combined-cycle facility

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.