LS Power acquires renewable energy company Algonquin

LS Power has entered into an agreement with Algonquin Power & Utilities to acquire its renewable energy business.

The Renewables Business consists of 44 operating assets in the U.S. and Canada. Approximately 2,700 MW of portfolio assets are located domestically in the NYISO, MISO, PJM, ERCOT and CAISO markets.

“This is a significant strategic investment and expansion of LS Power’s renewable energy portfolio,” said Paul Segal, CEO of LS Power.

“This business complements our existing fleet of over 19,000 MW of leading renewable, storage, flexible gas and renewable fuel projects. We believe this platform will play a significant role in addressing the challenges of growing electricity demand and promoting the energy transition.”

Milbank is serving as legal advisor and Scotiabank and BMO Capital Markets are serving as financial advisors to LS Power in the acquisition.