LS Power Completes Acquisition of Algonquin Power & Utilities Corp.'s Large Scale Renewable Energy Business

Forms Clearlight Energy

REV Renewables Expands Development Platform

NEW YORK, Jan. 8, 2025 /PRNewswire/ -- LS Power, a leading development, investment, and operating company focused on the North American power and energy infrastructure sector, today announced the completion of its acquisition of Algonquin Power & Utilities Corp.'s renewable energy business.

The acquisition strategically expands LS Power's renewable energy portfolio, adding to a fleet of more than 23,000 megawatts (MW) of top-performing renewable, energy storage, flexible gas and renewable fuels generation capacity, as well as a deep pipeline of projects in various stages of development.

"By substantially increasing our generation capacity and pipeline of new renewable projects, we will continue to help meet rising power demand while advancing the energy transition," said Paul Segal, CEO of LS Power. "We see great opportunity to deliver renewable projects at scale across the country, and this transaction furthers our plan to execute this vision."

With the close of the transaction, LS Power formed a new company, Clearlight Energy ("Clearlight"), to manage and grow the acquired operating wind and solar assets, which are located throughout the United States and Canada, and include 44 projects with more than 3,000 MW of generating capacity.

"Establishing Clearlight Energy is an exciting achievement to support the transition to cleaner energy during this pivotal moment, and I am thrilled to work alongside a highly capable team at Clearlight and LS Power," said Jeff Norman, CEO of Clearlight Energy. Norman was previously President of Renewables at Algonquin, and brings almost 30 years of experience managing, operating, and developing energy projects and utilities throughout North America.

Algonquin's renewable energy business includes a development pipeline of 8,000 MW of renewable and storage projects throughout North America. Clearlight Energy is acquiring 1,800 MW of the development pipeline, which includes projects in Canada and those that are co-located with the existing operating assets.

REV Renewables, a subsidiary of LS Power, will be acquiring the remaining 6,200 MW of development projects within the United States. This acquisition will form a robust addition to REV Renewables' already sizeable fleet of ~2,900 MW operating wind, solar, battery energy storage resources, and expand its development pipeline to more than 21,000 MW.

"The acquisition of these additional development projects complements REV's objectives to develop renewable energy solutions that will transform our electric system," added Ed Sondey, CEO of REV Renewables.

This marks the latest addition to LS Power's portfolio of companies and projects devoted to the energy transition and grid reliability, including, REV Renewables, CPower Energy, EVgo, Lightning Power, Rise Light & Power, and Waste to Renewable Fuel initiatives.

The transaction closed on January 8, 2025, following the satisfaction of customary closing conditions, including regulatory approvals in Canada and the United States.

Milbank LLP served as legal advisor and Scotiabank and BMO Capital Markets Corp. served 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, microgrids, renewable fuels and waste-to- energy platforms. Over the years, LS Power has raised more than $60 billion in debt and equity capital to support North American infrastructure. For more information, please visit www.LSPower.com.

About Clearlight Energy
Clearlight Energy, an LS Power company established in 2025, operates a more than 3,000 MW portfolio of utility scale solar, wind, battery storage and renewable natural gas projects across North America. Clearlight focuses on providing operational excellence to supply critical energy capacity and meet growing demand. Additionally, it has a 1,200 MW development pipeline of additional renewable resources to support grid reliability and decarbonization.

About REV Renewables
REV Renewables, an LS Power company established in 2021, is an industry leader in the development, acquisition and operation of renewables and energy storage. With a 2,900 MW operating portfolio and a substantial development pipeline, REV represents one of the nation's largest non-utility portfolios of renewables and energy storage. REV is dedicated to solving a critical challenge in the transformation of our energy systems: decarbonizing electricity supply while maintaining affordability, reliability, and resilience. With a focus on innovation, REV continually seeks to optimize solutions in step with an evolving regulatory, political, environmental and market landscape. For more information, please visit www.REVrenewables.com.

Media Contact:
Prosek Partners for LS Power
[email protected]

SOURCE LS Power