LS Power Agrees to Acquire 1,572 MW Power Generation Portfolio from FirstEnergy
New York, NY January 20, 2017 --
U.S. power and energy infrastructure owner LS Power Equity Advisors, LLC (“LS Power”) announced today that it has signed an agreement to acquire approximately 1,572 MW of generation resources in the Northeastern United States from FirstEnergy Corporation (“FirstEnergy”) (NYSE: FE).
The facilities are located in the PJM power market and the aggregate portfolio consists of the following:
- Springdale (Springdale, PA) – 638 megawatts, natural gas combined cycle facility plus two simple-cycle peaking units
- Chambersburg (Guildford, PA) – 88 megawatts, two simple-cycle peaking units
- Gans (Springhill, PA) – 88 megawatts, two simple-cycle peaking units
- Hunlock (Hunlock Creek, PA) – 45 megawatts, one simple-cycle peaking unit
- Bath (Warm Springs, VA) – 3,000 megawatts, pumped storage hydroelectric facility (23.8% ownership interest)
The transaction is expected to close in the third quarter of 2017, pending receipt of necessary regulatory approvals and third-party consents.
About LS Power:
Founded in 1990, LS Power is an employee-owned, independent power company with offices in New York, New Jersey, Missouri, California and Texas. LS Power is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States. Since inception, LS Power has developed, constructed, managed or acquired more than 30,000 MW of competitive power generation and 500 miles of transmission infrastructure, for which it has raised over $30 billion in debt and equity financing. For more information, please visit www.LSPower.com.