LS Power formed Clearlight Energy to manage the assets, which consists of operating wind and solar farms across the U.S. and Canada. (Source: Shutterstock)
LS Power has completed its acquisition of Algonquin Power & Utilities Corp.’s renewable energy business, adding 23 gigawatts (GW) of renewable energy and storage to its fleet.
“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,” LS Power CEO Paul Segal said in a Jan. 8 news release. “We see great opportunity to deliver renewable projects at scale across the country, and this transaction furthers our plan to execute this vision.”
Canada-headquartered Algonquin announced in August 2024 its plans to sell its non-hydropower renewable energy business to LS Power for up to $2.5 billion.
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With the transaction’s closure on Jan. 8, LS Power formed Clearlight Energy to manage the assets, which consists of operating wind and solar farms across the U.S. and Canada, the company said in the release. The portfolio includes nearly 45 projects with a combined generating capacity of 3 GW.
Algonquin’s renewable energy business includes a development pipeline of 8 GW of renewable and storage projects throughout North America. LS Power said Clearlight will acquire 1.8 GW of the development pipeline, while LS Power subsidiary REV Renewables will acquire the remaining 6.2 GW of development projects.
Milbank LLP served as legal advisor, and Scotiabank and BMO Capital Markets Corp. served as financial advisors to LS Power on the acquisition, according to the release.
Norton Rose Fulbright is representing REV Renewables.
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