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LS Power Completes Major Solar Acquisition of 25 Solar Facilities Spanning 14 States

LS Power Completes Major Solar Acquisition of 25 Solar Facilities Spanning 14 States

June 29, 2021

Strategic investment further diversifies LS Power’s leadership in the clean energy transition

LS Power today announced it has completed the acquisition of 25 solar power facilities totaling 468 MWdc (365 MWac) from Public Service Enterprise Group Incorporated (PSEG).

“These solar projects represent an important addition to LS Power’s efforts to accelerate the evolution of a cleaner power grid,” said LS Power CEO Paul Segal. “This acquisition, along with our other investments in the clean energy space, highlights LS Power’s commitment to scaling a diversified development and operating platform that will drive the decarbonization of our economy.”

The solar facilities were acquired by LS Power affiliate Quattro Solar, LLC.

The solar portfolio acquisition builds on LS Power’s legacy as one of the first greenfield developers of utility-scale solar, established by the company’s first solar investment over a decade ago, and complements LS Power’s growing family of clean energy investments, which include:

  • EVgo, the nation’s largest public fast charging network for electric vehicles and the first powered by 100% renewable energy;
  • Endurant Energy (formerly GI Energy), a provider of sustainable, resilient and cost-effective distributed energy infrastructure solutions;
  • CPower Energy Management, LS Power’s industry leading demand-side energy management solutions provider;
  • 4,000+ MW battery energy storage platform, includes operating projects such as Gateway Energy Storage, the largest battery project in the world at the time when energized in 2020, as well as several other projects in operation or development;
  • 1,600+ MW long-duration pumped storage hydro platform,the largest unregulated pumped storage fleet in the U.S.;
  • 140+ MW of wind power in operation, with more renewable generation in development;
  • 600+ miles of high-voltage transmission lines that enhance grid reliability and efficiency, and connect renewable generation to load centers; and
  • Prime Renewable Fuels, a landfill gas to renewable natural gas development and operating platform.

The solar portfolio spans 14 states and five regional transmission organizations (RTOs), benefiting from power off-take agreements with a variety of utilities, electric cooperatives and other large energy suppliers. Below is a list of the markets and states where the 25 solar assets are located:

Solar Portfolio: 468 MWdc

  • 12 facilities in PJM (198.7 MWdc across DE, MD, NC, NJ and OH)
  • 7 facilities in CAISO/WEIM (151.6 MWdc across AZ, CA, OR and UT)
  • 4 facilities in SERC/SW (103.3 MWdc across CO, FL and TX)
  • 1 facility in NYISO (10.6 MWdc in NY)
  • 1 facility in ISO-NE (3.6 MWdc in VT)

 

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 over 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through LS Power Grid, the firm has built and operates approximately 680 miles of high-voltage transmission and has another 200+ miles and multiple grid infrastructure projects currently under construction or development. Across its efforts, 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 $53 billion in debt and equity capital to support North American infrastructure.