LS Power has reached an agreement with Algonquin Power & Utilities Corp to acquire its renewable energy business. The portfolio consists mainly of wind and solar assets across the USA and Canada, including 44 operational assets with over 3,000 MW of generating capacity and an 8,000 MW pipeline of wind, solar, battery energy storage, and renewable natural gas projects in various stages of development.
Approximately 2,700 MW of the assets are located in the USA, with the remaining 300 MW in Canada. The renewables business will join LS Power's existing portfolio of energy transition platforms. The transaction is expected to close in the fourth quarter of 2024 or the first quarter of 2025, subject to customary closing conditions, including approval from the U.S. Federal Energy Regulatory Commission and under applicable competition laws.
