The majority of the portfolio’s assets are in the US. Credit: hrui / Shutterstock.

US-based power and energy infrastructure group LS Power has agreed to acquire the renewable energy business from Algonquin Power & Utilities.

The renewable energy business consists mainly of wind and solar assets across the US and Canada.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

It includes 44 operating assets, with more than 3GW of generating capacity.

There is also an 8GW pipeline of wind, solar, battery energy storage and renewable natural gas projects at various stages of development.

The majority of the portfolio’s assets, approximately 2.7GW, are situated in the US and the remaining 300MW assets are located in Canada.

See Also:

This acquisition will integrate into LS Power’s existing portfolio of energy transition platforms, which includes REV Renewables, EVgo, CPower Energy Management, Rise Light & Power and Primary Renewable Fuels.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The completion of the transaction is anticipated between the fourth quarter (Q4) of 2024 and Q1 2025.

Conditions include the approval of the US Federal Energy Regulatory Commission and clearance under applicable competition laws.

Milbank is providing legal advice, while Scotiabank and BMO Capital Markets are offering financial advisory services to LS Power for the acquisition.

LS Power CEO Paul Segal stated: “This represents a significant strategic investment in and expansion of LS Power’s renewable energy portfolio.

“This business complements our existing fleet of more than 19GW 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.”

In April 2024, LS Power began the process of selling a substantial portfolio of natural gas power plants in the US.

These facilities deliver 5GW of electricity to the largest grid in the US, operated by PJM Interconnection.