US development and investment company LS Power has today announced the creation of Rev Renewable LLC, a new company focused on the development, acquisition and operation of energy storage and renewable projects.
It has been endowed on day one with a 2.4GW portfolio of operating storage, solar and wind projects, making it “one of the largest independent pure-play energy storage and renewables companies in the US today”, according to LS Power.
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The portfolio includes: a California-based battery storage portfolio that is set to hit 615MW by the end of 2022 and includes ‘Gateway’, the world’s largest battery at 250MW when it went online in 2020; a 1,620MW storage hydro portfolio in the PJM interconnection area; wind assets with a capacity of 132 MW; and a portfolio of 25 solar power facilities spanning 14 states (467 MWdc/365MWac), which it acquired in June. Rev also said it has a “robust” project pipeline throughout the US.
“The rising demand for clean energy solutions presents a once-in-a-lifetime opportunity for Rev Renewables to deploy its human and capital resources into storage, solar and wind projects,” said Paul Segal, CEO of LS Power.
“Rev is the latest effort by LS Power to support the commercialisation and deployment at-scale of clean energy technologies.”
The new company will be led by CEO Ed Sondey and its executive suite is comprised of “industry experts with extensive experience across the power and energy sectors”, according to a company media release.
“I am excited to work with our impressive team to drive Rev’s continued expansion as we embark on this mission-critical journey to decarbonise our nation’s grid,” said Sondey.