LS Power has signed an agreement with Hull Street Energy to acquire the latter’s 42 run-of-river hydro facilities that have a combined capacity of 334MW across 11 states in the US.
The financial terms of the deal were not disclosed.
The hydroelectric portfolio involved in the deal is predominantly focused on ISO New England (ISO-NE) with a capacity of 152MW, PJM Interconnection (PJM) with 86MW, and New York Independent System Operator (NYISO) with 48MW.
The other hydroelectric facilities are located in California Independent System Operator (CAISO), SERC Reliability, and Western Electricity Coordinating Council (WECC).
According to LS Power, the assets put together generate close to 1.2TWh of power annually.
LS Power CEO Paul Segal said: “With the addition of this large, geographically diverse, run-of-river hydroelectric portfolio, combined with our existing energy transition platforms, LS Power continues to lead the effort to develop a cleaner, more reliable, and more affordable energy ecosystem.
“Reducing carbon intensity is an enduring secular trend that has long informed our energy transition strategy, which combines our renewable generation and fuels, battery energy storage, distributed energy, transmission, and transportation electrification platforms with a flexible, complementary natural gas fleet.”
The transaction, which is subject to certain conditions and regulatory approvals, is anticipated to be completed by the end of Q1 2023.
For the transaction, Milbank served as the legal counsel while BMO Capital Markets and Scotiabank acted as the financial advisors for LS Power.
Founded in 1990, LS Power develops, operates, and invests in the power and energy infrastructure sector.
The US-based company claims to have developed, built or acquired over 46GW of power generation. These include hydro, wind, natural gas-fired, utility-scale solar, and battery energy storage projects.
