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LS Power Selected by the California ISO for San Jose Area HVDC Projects

LS Power Selected by the California ISO for San Jose Area HVDC Projects

March 07, 2023

The California Independent System Operator (“CAISO”) today announced that it has selected LS Power Grid California, LLC, to finance, construct, own, operate and maintain two new projects to support electric reliability in California: the Newark – Northern Receiving Station HVDC Project (“Newark Project”) and the Metcalf – San Jose B HVDC Project (“Metcalf Project”).

“LS Power is pleased to be selected in CAISO’s competitive processes to improve the reliability of the power grid in the San Jose area,” said Paul Thessen, President of LS Power Development. “The projects will employ some of the most advanced grid technologies to reliably serve San Jose’s growing electric load and support California’s energy transition.”

CAISO conducted a competitive selection process pursuant to the Federal Energy Regulatory Commission’s Order No. 1000 and selected LS Power’s proposals from a total of six qualified proposals for the Newark Project and five qualified proposals for the Metcalf Project. These selections represent LS Power’s sixth and seventh competitively procured transmission awards by CAISO. CAISO’s selection of LS Power is based on a comparative analysis, which identified the sponsor best able to implement the project in a cost-effective, efficient, prudent, reliable, and capable manner over the lifetime of the facility while maximizing overall benefits and minimizing risks.

The Newark Project and Metcalf Project were planned by CAISO to reinforce the electrical grid in and around San Jose, enhance reliability, and increase access to cost-effective, renewable electricity. Each project provides a new high voltage source to the San Jose area with the ability to control power flows via high-voltage direct current (HVDC) converter stations connected to existing substations in the area. The projects are pre-planned for future expansions that can facilitate enhanced power control on the California grid to reliably accommodate future growth.

“LS Power thanks CAISO for its efforts in conducting a thorough, competitive process to achieve cost-efficient transmission solutions to the benefit of electric consumers,” Thessen said. “Our team looks forward to collaborating with CAISO, the California Public Utilities Commission, and local communities in advancing these projects together.”

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 780+ miles of high-voltage transmission, with 350+ 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.