LS Power Agrees to Acquire Large Scale Renewable Energy Business from Algonquin Power & Utilities Corp.

NEW YORK, Aug. 9, 2024 /PRNewswire/ -- LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector, today announced it has reached an agreement with Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("AQN") to acquire its renewable energy business (the "Renewables Business").

The Renewables Business is comprised largely of wind and solar assets located throughout the United States and Canada, including 44 operating assets with more than 3,000 megawatts (MW) of generating capacity and an 8,000 MW pipeline of wind, solar, battery energy storage and renewable natural gas projects in various stages of development.

Approximately 2,700 MW of the portfolio's assets are located in the U.S., across NYISO, MISO, PJM, ERCOT and CAISO markets, with the remaining 300 MW located in Canada.

"This represents a significant strategic investment in and expansion of LS Power's renewable energy portfolio," said Paul Segal, CEO of LS Power. "This business complements our existing fleet of more than 19,000 MW of top-performing renewable, energy storage, flexible gas and renewable fuels projects. We believe this platform will play a significant role in meeting the challenges of rising electric demand and advancing the energy transition."

The Renewables Business will join LS Power's existing portfolio of energy transition platforms, including:

• REV Renewables, a leader in renewable generation and energy storage
• EVgo, a fast-charging network for electric vehicles, powered by 100% renewable energy
• CPower Energy Management, a leading, national distributed energy resource monetization and virtual power plant services business
• Rise Light & Power, New York City's largest generator and developer of clean energy infrastructure including battery storage and offshore wind interconnection
• Primary Renewable Fuels, a leading waste-to-renewable natural gas development and operating platform
• Endurant Energy, a provider of distributed energy infrastructure
• LS Power Transmission, a leading private transmission owner and developer with 780+ miles of high-voltage transmission lines operating and 350+ miles and multiple substations under development or construction
• LS Power Generation, a large scale dispatchable generation platform providing energy, reliability and flexibility to the grid

The transaction is expected to close in Q4 2024 or Q1 2025 and is subject to the satisfaction of customary closing conditions, including the approval of the U.S. Federal Energy Regulatory Commission and approval under applicable competition laws.

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

About LS Power

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 transition solutions. Since inception, LS Power has developed or acquired 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Additionally, LS Power Grid has built 780+ miles of high-voltage transmission, with 350+ miles and multiple grid infrastructure projects currently under construction or development. LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, distributed energy resources, renewable fuels and other essential energy infrastructure. Over the years, LS Power has raised $59 billion in debt and equity capital to support North American infrastructure. For information, please visit www.LSPower.com.

About Algonquin Power & Utilities Corp. and Liberty

Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with approximately $18 billion of total assets. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. In addition, AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity. AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN and AQNB, respectively. Visit AQN at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.

SOURCE LS Power