LS Power Completes Acquisition of Algonquin's Renewable Unit

Deal News | Jan 08, 2025 | LS Power Development LLC

LS Power, a major player in the North American power and energy infrastructure sector, has finalized the acquisition of Algonquin Power & Utilities Corp.'s renewable energy business. This strategic move augments LS Power's renewable energy portfolio, enhancing its capacity in renewable energy projects to over 23,000 megawatts. The deal emphasizes LS Power's commitment to the energy transition, with the formation of Clearlight Energy to manage 44 wind and solar projects totaling over 3,000 MW across the US and Canada. Simultaneously, REV Renewables, another LS Power subsidiary, has acquired 6,200 MW of development projects, bolstering its already significant portfolio. Legal and financial advisory services were provided by Milbank LLP, Scotiabank, and BMO Capital Markets Corp. The transaction, completed on January 8, 2025, involved regulatory approvals from Canada and the US.

Sectors

  • Renewable Energy
  • Power and Energy Infrastructure
  • Mergers and Acquisitions

Geography

  • United States – LS Power is a North American company with projects and business activities heavily concentrated in the US.
  • Canada – Algonquin Power & Utilities Corp. is a Canadian firm, and some of the acquired renewable energy assets are located in Canada.

Industry

  • Renewable Energy – This sector is relevant as the article discusses LS Power's acquisition of renewable energy assets and its strategy to expand in this domain.
  • Power and Energy Infrastructure – Involved companies are primarily engaged in infrastructure for power generation and energy storage, focusing on transitioning to sustainable energy sources.
  • Mergers and Acquisitions – The article details a significant acquisition transaction, highlighting the strategic expansion of LS Power's portfolio.

Financials

  • – No specific financial details such as deal price were provided in the article.

Participants

NameRoleTypeDescription
LS Power Development LLCAcquirerCompanyA premier development, investment, and operating company in the North American power and energy infrastructure sector.
Algonquin Power & Utilities Corp.Target CompanyCompanyThe renewable energy division of this company was acquired by LS Power.
Clearlight EnergyNewly Formed CompanyCompanyA company formed by LS Power to manage and grow the acquired renewable assets.
REV RenewablesSubsidiaryCompanyAn LS Power subsidiary that acquired a substantial part of Algonquin's development pipeline.
Milbank LLPLegal AdvisorCompanyServed as legal advisor to LS Power on the acquisition.
ScotiabankFinancial AdvisorCompanyProvided financial advisory services to LS Power for the acquisition.
BMO Capital Markets Corp.Financial AdvisorCompanyServed as financial advisor to LS Power alongside Scotiabank.
Paul SegalCEOPersonCEO of LS Power and oversees its strategic initiatives in the power sector.
Jeff NormanCEOPersonCEO of Clearlight Energy with extensive experience in renewable project management.
Ed SondeyCEOPersonCEO of REV Renewables focusing on renewable energy solutions.