LS Power expands renewable portfolio with AQN assets

LS Power, a major US-based energy developer, has announced its plan to acquire Algonquin Power & Utilities Corp.’s (AQN) renewable energy division. This division includes 44 assets across the US and Canada, with over 3,000 MW of generating capacity and a pipeline of 8,000 MW in wind, solar, battery storage, and renewable natural gas projects. According to LS Power, approximately 2,700 MW of these assets are in US markets like NYISO and MISO, with the remaining 300 MW in Canada. The acquisition will expand LS Power’s portfolio of over 19,000 MW. The deal, subject to regulatory approvals, is expected to close by Q4 2024 or Q1 2025. Legal advice is provided by Milbank LLP, with Scotiabank and BMO Capital Markets serving as financial advisors.