LS Power to Acquire Natural Gas Power Plant in ERCOT from Constellation

News

606-MW natural gas combined-cycle facility expands LS Power’s generation fleet to
help meet surging power demand driven by AI, data centers and electrification

NEW YORK, Aug. 6, 2026 — LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector, today announced it has entered into a definitive agreement with Constellation to acquire the Brazos Valley Energy Center (formerly known as the Jack Fusco Energy Center), a 606-megawatt (MW) natural gas-fired combined-cycle facility located outside Houston, Texas.

“Texas is experiencing exceptional economic growth as its pro-business policies continue to attract companies, investment and jobs from across the country,” said Paul Segal, CEO of LS Power. “That growth is driving rapidly increasing demand for electricity, while new generation projects can take years to develop and bring online. Acquiring and optimizing proven assets is one of the fastest and most cost-effective ways to meet that need, and natural gas is well-positioned to provide the reliable, around-the-clock capacity the market requires. This acquisition reflects our ‘more of everything’ approach and our commitment to delivering the affordable, reliable power needed to sustain Texas’ growth.”

The transaction satisfies a regulatory divestiture commitment tied to Constellation’s acquisition of Calpine, with whom LS Power has had several bilateral transactions to date. Earlier this year in March, LS Power announced a bilateral agreement to acquire a 4,353 MW portfolio of five gas-fired generation assets in PJM from Constellation, underscoring the firm’s position as a trusted industry partner with a track record of navigating complex transactions with speed and discipline.

The acquisition expands LS Power’s generation fleet in ERCOT, one of the fastest growing power markets. Upon closing of its pending transactions with Constellation, the firm’s national operating fleet will total approximately 14,100 MW.

LS Power brings deep operational experience to the integration process, drawing on an established history of developing and/or acquiring and operating energy infrastructure in Texas and around the country, including both power generation and transmission. Beyond

this transaction, the firm continues to advance a pipeline of uprates to existing facilities and greenfield projects across the United States.

The transaction is expected to close in Q4 2026, subject to regulatory approval.

White & Case LLP and Willkie Farr & Gallagher LLP served as legal advisors, and Houlihan Lokey and RBC Capital Markets served as financial advisors to LS Power on the acquisition.

 

Media Contact:
Prosek Partners for LS Power
Pro-LScomms@prosek.com

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 $85 billion in debt and equity capital to support North American infrastructure. For information, please visit www.lspower.com.

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