LS Power today announced it has entered into an agreement to acquire 25 solar power facilities totaling 467 MWdc (365 MWac) from Public Service Enterprise Group Incorporated (PSEG).
“Today’s announcement underscores LS Power’s commitment to scaling a diversified development and operating platform that will drive the decarbonization of our economy,” said LS Power CEO Paul Segal. “The addition of these solar projects is part of LS Power’s expanding effort to enable the evolution of a cleaner power grid.”
The solar facilities are being acquired by LS Power affiliate, Quattro Solar, LLC, and the transaction is expected to close in the second or third quarter of 2021, subject to customary regulatory approvals.
The solar portfolio acquisition builds on LS Power’s legacy as one of the first greenfield developers of utility scale solar and complements LS Power’s growing family of clean energy investments, which include:
- EVgo, the nation’s largest public fast charging network for electric vehicles and the first powered by 100% renewable energy;
- CPower Energy Management, LS Power’s industry leading demand-side energy management solutions provider;
- 4,000+ MW battery energy storage platform (includes operating projects such as Gateway, which was the largest battery project in the world when energized in 2020, as well as other projects in operation or development);
- 1,600+ MW long-duration pumped storage hydro platform, the largest unregulated pumped storage fleet in the U.S.;
- 140+ MW of wind power in operation, with more renewable generation in development;
- 600+ miles of high-voltage transmission lines that enhance grid reliability and efficiency, and connect renewable generation to load centers; and
- Prime Renewable Fuels, a landfill gas to renewable natural gas development and operating platform
The solar portfolio spans 14 states and five regional transmission organizations (RTOs), benefiting from power off-take agreements with a variety of utilities, electric cooperatives and other large energy suppliers. Below is a list of the markets and states where the 25 solar assets are located:
Solar Portfolio: 467.8 MWdc
- 12 facilities in PJM (198.7 MWdc across DE, MD, NC, NJ and OH)
- 7 facilities in CAISO/WEIM (151.6 MWdc across AZ, CA, OR and UT)
- 4 facilities in SERC/SW (103.3 MWdc across CO, FL and TX)
- 1 facility in NYISO (10.6 MWdc in NY)
- 1 facility in ISO-NE (3.6 MWdc in VT)
About LS Power:
LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, in addition to its development of over 660 miles of high voltage transmission, LS Power has developed, constructed, managed or acquired more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects. Additionally, LS Power actively invests in businesses focused on renewable energy and fuels, as well as distributed energy resource platforms, such as CPower Energy Management and EVgo. Across its efforts, LS Power has raised in excess of $47 billion in debt and equity financing to support North American infrastructure. For more information, please visit www.LSPower.com and follow us at @lspowergroup.
