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

News

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

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 built and operates 780+ miles of high-voltage transmission and 7 transmission utilities and has another 375+ 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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