NEW YORK, Aug. 11, 2021 /PRNewswire/ -- LS Power today announced the formation of Rev Renewables, LLC ("Rev"), a new industry leader in the development, acquisition and operation of energy storage and renewable projects. Rev brings together the storage and renewable assets of parent company LS Power – a firm with three decades of investment, innovation and development experience in the U.S. power and energy infrastructure industries – along with a team of seasoned industry professionals to create a differentiated clean energy growth platform.
With a 2.4 GW portfolio of operating Storage, Solar, and Wind projects on day one, Rev launches as one of the largest independent pure-play energy storage and renewables companies in the U.S. today. Rev's sizeable portfolio includes a California-based battery storage portfolio (615 MW by the end of 2022) that includes Gateway, the world's largest battery at 250 MW when it was energized in 2020; the largest non-utility pumped storage hydro portfolio in the mid-Atlantic region of PJM (1,620 MW); wind assets (132 MW); and a portfolio of 25 solar power facilities spanning 14 states (467 MWdc/365MWac). Rev also has a robust development pipeline of projects underway across the country.
"Energy storage and renewable generation are essential components in meeting our decarbonization goals while maintaining affordability, reliability and resilience," said Paul Segal, CEO of LS Power. "The rising demand for clean energy solutions presents a once-in-a-lifetime opportunity for Rev Renewables to deploy its human and capital resources into storage, solar and wind projects. Rev is the latest effort by LS Power to support the commercialization and deployment at-scale of clean energy technologies."1
REV LEADERSHIP TEAM
In conjunction with the launch, LS Power announced the Rev Renewables Leadership Team comprised of industry experts with extensive experience across the power and energy sectors.
"Rev Renewables will further drive the electrification of our economy and support the transition to a cleaner energy grid," said Rev Renewables CEO Ed Sondey. "The establishment of Rev Renewables is a significant milestone and extension of LS Power's renewable energy focus. I am excited to work with our impressive team to drive Rev's continued expansion as we embark on this mission-critical journey to decarbonize our nation's grid."
"With our team's track record of developing and operating renewable assets and successfully executing in markets with high barriers to entry, Rev Renewables is well equipped to reimagine the future of renewable energy generation and storage," Sondey said.
ABOUT REV RENEWABLES
Rev Renewables, an LS Power company, is an industry leader in the development, acquisition and operation of renewables and energy storage. With a 2.4 GW 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.
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 more than 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. LS Power actively invests in distributed energy resource platforms, such as CPower Energy Management, Endurant Energy and EVgo, as well as Primary Renewable Fuels. Additionally, LS Power invests in renewables and energy storage through Rev Renewables. 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.
1 LS Power's growing family of clean energy investments includes: EVgo, the nation's largest public fast charging network for electric vehicles and the first powered by 100% renewable energy; Endurant Energy, a provider of sustainable, resilient and cost-effective distributed energy infrastructure solutions; CPower Energy Management, an industry leading demand-side energy management solutions provider; Primary Renewable Fuels, LLC, a landfill gas-to-renewable natural gas development and operating platform; and 600+ miles of high-voltage transmission lines that enhance grid reliability and efficiency and connect renewable generation to load centers.