LS Power to Acquire Natural Gas Power Plant From ArcLight Capital Partners
Flexible peaking units join LS Power’s fleet of assets that support the energy transition
NEW YORK, June 23, 2022 /PRNewswire/ — LS Power today announced that it has reached an agreement with an affiliate of ArcLight Capital Partners, LLC to acquire the Rolling Hills natural gas-fired power plant in Wilkesville, Ohio.
The 835-megawatt facility consists of five simple cycle “peaking” units located in the PJM Interconnection. The transaction is expected to close in late Q3 2022.
“Rolling Hills will join LS Power’s fleet of flexible gas-fired generation, a portfolio of assets with the dynamic ramping attributes critical to a successful clean energy transition,” said Nathan Hanson, President of LS Power Generation.
“Our flexible generation assets perform a vital and complementary service in the energy transition; namely, keeping the lights on when renewable resources are unavailable due to weather conditions or when extreme weather events destabilize the grid,” Hanson said.
LS Power owns a 13,000 megawatt gas generation fleet that complements its multiple energy transition platforms focused on wind and solar power, energy storage, demand response, microgrids, renewable fuels, electric transportation and transmission infrastructure.
“Decarbonizing the electric grid in a reliable, affordable and responsible manner will require efficient, flexible gas-fired generation,” said Paul Segal, LS Power CEO. “Our fleet is well-positioned to help accelerate the clean energy transition by managing the intermittency of renewables.”
“With the grid grappling with greater weather extremes and market volatility, a coherent path toward decarbonization embraces both rapid deployment of low-carbon energy resources and maintenance of sufficient fossil-fuel infrastructure to ensure continued energy security, affordability and reliability,” Segal said. “This is LS Power’s approach, as reflected in our portfolio and priorities.”
Accelerating the Energy Transition
LS Power’s gas generation fleet spans 10 states and consists primarily of peaking plants along with combined cycle facilities.
LS Power also manages a growing family of energy transition platforms, including:
- EVgo, a fast-charging network for electric vehicles, powered by 100% renewable energy
- Endurant Energy, a provider of distributed energy infrastructure solutions
- CPower Energy Management, provider of distributed energy resource management solutions
- Primary Renewable Fuels, LLC, a renewable natural gas development and operating platform
- REV Renewables, a leader in renewables and energy storage
- Rise Light & Power, New York City’s largest generator, and developer of clean energy infrastructure
- LS Power Transmission, developer of 660 miles of high-voltage transmission lines
About LS Power
LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, in addition to its development of more than 660 miles of high voltage transmission, LS Power has developed, constructed, managed or acquired in total more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects. LS Power actively invests in distributed energy resource platforms, such as CPower Energy Management, Endurant Energy and EVgo, as well as Waste-to-Renewable Generation and Fuel initiatives. Additionally, LS Power invests in renewables and energy storage through REV Renewables. Across its efforts, LS Power has raised in excess of $48 billion in debt and equity financing to support North American infrastructure. For more information, please visit www.LSPower.com.
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SOURCE LS Power
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