LS Power Completes Acquisition of 3,950 MW Power Generation Portfolio in Northeast

News

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.”

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 expansion solutions. Since inception, LS Power has developed or acquired 50,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through its transmission business, LS Power Grid, the company operates 7 transmission utilities, has built 780+ miles of high-voltage transmission with another 400+ miles currently in construction or development. LS Power actively invests in and scales businesses that are meeting the growing needs of the energy expansion, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised more than $76 billion in debt and equity capital to support North American infrastructure. For information, please visit www.lspower.com.

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