The two companies agreed the acquisition in August 2024.
LS Power has established a new entity, Clearlight Energy, to oversee and advance the acquired operating wind and solar assets. These assets span the US and Canada, comprising 44 projects with a combined generating capacity exceeding 3GW.
Clearlight Energy CEO Jeff Norman stated: “Establishing Clearlight Energy is an exciting achievement to support the transition to cleaner energy during this pivotal moment.”
Algonquin’s renewable energy division comprises a development pipeline, featuring 8GW renewable and storage projects across North America.
Clearlight Energy will incorporate 1.8GW from this pipeline, including Canadian ventures and those adjacent to existing operations.
REV Renewables, a subsidiary of LS Power, will integrate the remaining 6.2GW of development projects located within the US.
This acquisition will augment REV Renewables’ existing 2.9GW portfolio of operational wind, solar and battery energy storage systems, expanding its development pipeline to over 21GW.
REV Renewables CEO Ed Sondey stated: “The acquisition of these additional development projects complements REV’s objectives to develop renewable energy solutions that will transform our electric system.”
The acquisition is the latest in a series of investments by LS Power to support the energy transition and enhance grid reliability.
The company’s growing portfolio includes companies and projects such as REV Renewables, CPower Energy, EVgo, Lightning Power, Rise Light & Power and other initiatives focused on converting waste to renewable fuel.
LS Power CEO Paul Segal stated: “By substantially increasing our generation capacity and pipeline of new renewable projects, we will continue to help meet rising power demand while advancing the energy transition.
“We see a great opportunity to deliver renewable projects at scale across the country, and this transaction furthers our plan to execute this vision.”
The acquisition was finalised after meeting all necessary closing conditions, including obtaining regulatory approvals in Canada and the US.
Legal advice for the transaction was provided by Milbank, while Scotiabank and BMO Capital Markets offered financial advisory services to LS Power.
