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LS Power Completes Sale of Safe Harbor Hydroelectric Facility

LS Power Completes Sale of Safe Harbor Hydroelectric Facility

April 04, 2014

LS Power Equity Advisors, through a private fund it manages, closed on the sale of its 33.3% ownership interest (with 50% voting rights) in the 417 MW Safe Harbor hydroelectric facility to a subsidiary of Brookfield Renewable Energy Partners, L.P. The transaction was completed at an enterprise value of $303 million, consisting of a $289 million cash purchase price plus customary working capital adjustments and the assumption of ~$14 million in net project debt on the Safe Harbor facility. LS Power Equity Advisors originally acquired the project from PPL Corporation in Q1 2011 along with two other assets.

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.