LS Power to Acquire Six Natural Gas Power Generation Assets from NRG Energy

LS Power enters into a definitive agreement to acquire 4.9 GW of natural gas-fired generation facilities across three regional transmission organizations, expanding its national footprint of firm, dispatchable gas generation amid growing power demand.

NEW YORK, Nov. 9, 2026 /PRNewswire/ -- LS Power, a leading development, investment, and operating company focused on the North American power and energy infrastructure sector, today announced that it has entered into a definitive agreement with NRG Energy Inc. (NYSE: NRG) to acquire six natural gas-fired power generation facilities across Connecticut, New York, Rhode Island, and Texas, totaling 4.9 GW.

The facilities include:

• Jack County combined-cycle (Texas)
• Johnson County combined-cycle (Texas)
• Ocean State Power combined-cycle (Rhode Island)
• Ravenswood combined-cycle, simple-cycle, and steam turbine (New York) 
• R.W. Miller simple-cycle and steam turbine (Texas)
• Wallingford simple-cycle (Connecticut) 

"Significant investment in firm, dispatchable power remains essential to grid reliability, and facilities that are already built, permitted, and interconnected deliver that power today. Firm power underpins our all-of-the-above approach, including renewables and distributed energy resources," said Paul Segal, CEO of LS Power. "Expanding LS Power's generation footprint in the Texas, Northeast, and New York markets, where we have deep experience developing and operating a range of energy infrastructure assets, creates opportunities to support historic levels of power demand growth."

This acquisition from NRG, together with the pending acquisition of approximately 4.4 GW from Constellation, will expand LS Power's natural gas generation fleet from 2.2 GW to 11.5 GW, increasing the company's capacity in key power markets. LS Power's generation fleet, which also includes hydro, solar, wind and battery storage assets, will grow to more than 19 GW.

The acquisition is expected to close in 2027, subject to customary closing conditions and regulatory approvals.

Milbank LLP served as legal advisor, while Scotiabank and Evercore served as financial advisors to LS Power.

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 expansion solutions. Since inception, LS Power has developed or acquired more than 50,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through its transmission business, LS Power Grid, the company operates 7 transmission utilities and has built 780+ miles of high-voltage transmission, with another 400+ miles currently in construction or development. Over the years and across its investment partnerships, projects, and businesses, LS Power has raised more than $95 billion in debt and equity capital to support North American infrastructure. For information, please visit www.lspower.com.

Media Contact
Prosek Partners for LS Power
[email protected] 

SOURCE LS Power