#United States #New York #LS Power #Algonquin #Clearlight Energy

LS Power's Significant Acquisition of Algonquin Power & Utilities Corp.

LS Power, a dominant force in North America's power and energy sector, has announced a pivotal expansion in its renewable energy portfolio through the acquisition of Algonquin Power & Utilities Corp.'s renewable energy business. This strategic maneuver, completed on January 8, 2025, positions LS Power to not only increase its generation capabilities significantly but also to enhance its development pipeline, responding effectively to the surging demand for clean energy.

In total, LS Power's latest acquisition adds over 3,000 megawatts (MW) of renewable generation capacity to its already robust framework, which includes more than 23,000 MW of energy storage and flexible gas resources. This portfolio is crucial as it supports LS Power's ambitious plans to facilitate a smoother transition to renewable energy sources across the country. Paul Segal, the CEO of LS Power, emphasized that the acquisition is designed to meet rising energy demands while positively impacting the ongoing energy transition.

Following the acquisition, LS Power has established Clearlight Energy, a new company dedicated to managing and expanding the operating assets acquired, comprising 44 projects spread across the United States and Canada. This initiative reflects LS Power's commitment to cleaner energy practices during a transformative period for the energy sector. Jeff Norman, the newly appointed CEO of Clearlight, brings nearly 30 years of expertise from his previous role at Algonquin, signaling a strong foundation for the newly formed entity.

The acquisition also incorporates an additional 8,000 MW development pipeline from Algonquin, of which Clearlight Energy will manage the 1,800 MW located in Canada and those co-located with existing facilities. Meanwhile, REV Renewables, a subsidiary of LS Power, will oversee the remaining 6,200 MW of development projects primarily focused in the U.S. This collaboration notably augments REV's substantial portfolio, further extending its capabilities within the renewable sector.

The move is not just opportunistic; it underlines LS Power's ongoing commitment to the evolution of energy systems nationwide. With the establishment of Clearlight Energy, LS Power is paving the way for innovative solutions that address the growing concerns of electricity supply reliability while ensuring the decarbonization of energy sources. According to Ed Sondey, CEO of REV Renewables, this acquisition aligns closely with their strategic aims of developing advanced renewable solutions.

The successful closure of this transaction followed a thorough process, fulfilling all customary conditions and regulatory approvals in both Canada and the United States. This significant acquisition uplifts LS Power's position at the forefront of the renewable energy transition, complementing its existing projects and companies focused on energy solutions like EVgo, CPower Energy, and many others dedicated to achieving a sustainable energy future.

LS Power, founded in 1990 and recognized for its comprehensive focus across various energy sectors, has consistently led the charge in developing and operating power generation assets. With a history of raising over $60 billion in capital for infrastructure developments, the company remains steadfast in its mission to drive forward innovative and sustainable energy projects across North America. Moreover, its recent efforts with Clearlight Energy further amplify their dedication toward meeting future energy demands while advancing cleaner energy policies.

In conclusion, LS Power's acquisition of Algonquin Power is a notable chapter in the ongoing narrative of renewable energy evolution, positioning itself as a key player in navigating the complexities of energy transitions and enhancing grid reliability. This strategic partnership promises to deliver an expansive array of renewable projects efficiently, marking a significant advancement in sustainable energy practices in North America.