LS Power has reached an agreement with Algonquin Power & Utilities to acquire its renewable energy business.

The Renewables Business includes 44 operating assets across the U.S. and Canada. Approximately 2,700 MW of the portfolio’s assets are located domestically, within the NYISO, MISO, PJM, ERCOT and CAISO markets.

“This represents a significant strategic investment in and expansion of LS Power’s renewable energy portfolio,” says Paul Segal, CEO of LS Power. 

“This business complements our existing fleet of more than 19,000 MW of top-performing renewable, energy storage, flexible gas and renewable fuels projects. We believe this platform will play a significant role in meeting the challenges of rising electric demand and advancing the energy transition.”

Milbank is serving as legal advisor and Scotiabank and BMO Capital Markets are serving as financial advisors to LS Power on the acquisition.