US renewable energy development and investment company LS Power has acquired Canadian utility Algonquin Power & Utilities’ renewable energy business.
With the close of this deal, LS Power takes ownership of 44 solar PV and wind projects across North America with more than 3GW of cumulative generation capacity. LS Power has established a new company, Clearlight Energy, to manage the projects acquired in this deal.
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In addition to the operating solar and wind assets, LS Power has acquired 1.8GW of Algonquin Power’s total 8GW renewable energy generation and storage project pipeline under its new Clearlight Energy banner. It said the pipeline includes projects in Canada and some which are co-located with operational sites.
The rest of the pipeline will be taken on by LS Power’s existing subsidiary, REV Renewables. Financial details of the acquisition were not disclosed.
Jeff Norman, former president of renewables at Algonquin, will step in as CEO of Clearlight Energy. He said that establishing the company was “an exciting achievement to support the transition to cleaner energy during this pivotal moment.”
LS Power owns a portfolio of companies in the renewable energy and fossil fuel sector, including virtual power plant (VPP) specialist CPower, electric vehicle charging software company EVgo and natural gas-based independent power producer (IPP) Lightning Power. It also owns and operates electrical grid and transmission infrastructure across North America.
In August, LS Power closed US$2.7 billion in funding for its LS Power Equity Partners V investment vehicle. The fund will invest in power and energy infrastructure assets and companies across the US.
