US-based energy development company LS Power has agreed to acquire 42 run-of-river hydropower facilities in the US from Hull Street Energy.
Located across 11 US states, the hydropower facilities have a combined capacity of 334MW.
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Of this, 152MW is located in New England and 86MW in the Pennsylvania-New Jersey-Maryland (PJM) area, while 48MW is operated by the New York Independent System Operator (NYISO).
The remaining capacity is owned by the California ISO, SERC and Western Electricity Coordinating Council (WECC).
The financial terms of the deal have not been disclosed.
LS Power CEO Paul Segal said: “With the addition of this large, geographically diverse, run-of-river hydroelectric portfolio, combined with our existing energy transition platforms, LS Power continues to lead the effort to develop a cleaner, more reliable and more affordable energy ecosystem.
“Reducing carbon intensity is an enduring secular trend that has long informed our energy transition strategy, which combines our renewable generation and fuels, battery energy storage, distributed energy, transmission and transportation electrification platforms with a flexible, complementary natural gas fleet.”
The deal is expected to close by the second quarter of next year subject to certain closing conditions and regulatory approvals being met.
LS Power Generation president Nathan Hanson said: “The hydro projects we are acquiring are located in states and markets with attractive regulatory environments supportive of energy transition investments, which we anticipate will grow over time.
“Hydroelectric generation is a long-lived, carbon-free asset class that can operate essentially in perpetuity with the appropriate maintenance and care.
“These projects will be integral to achieving carbon reduction goals, and we are excited to add them to our portfolio.”
Founded in 1990, LS Power has developed, built, managed or acquired more than 46,000MW of generation capacity to date.
The company’s operations are focused on the power and energy infrastructure sector in North America.
