LS Power agrees to acquire major renewable energy business from Algonquin Power & Utilities Corp.

NEW YORK, 9 August 2024 /PRNewswire/ — LS Power, a leading developer, investment and operating company focused on the North American power and energy infrastructure sector, today announced that it has entered into an agreement with Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) (“AQN”) to acquire its renewable energy business unit (the “Renewable Energy Business Unit”).

The renewable energy business consists mainly of wind and solar plants in the United States And Canadaincluding 44 operating assets with a generating capacity of more than 3,000 megawatts (MW) and an 8,000 MW pipeline of wind, solar, battery energy storage and renewable natural gas projects in various stages of development.

About 2,700 MW of the portfolio is located in USacross the NYISO, MISO, PJM, ERCOT and CAISO markets, the remaining 300 MW are in Canada.

“This represents a significant strategic investment in and expansion of LS Power’s renewable energy portfolio,” said Paul Segal, CEO of LS Power. “This deal complements our existing fleet of more than 19,000 MW of high-performance renewable energy, energy storage, flexible gas and renewable fuels projects. We believe this platform will play a significant role in meeting the challenges of increasing electricity demand and driving the energy transition.”

The Renewable Energy business will complement LS Power’s existing portfolio of energy transition platforms, including:

• REV Renewables, a leading company in renewable energy generation and energy storage
• EVgo, a fast charging network for electric vehicles operated by 100% renewable energy
• CPower Energy Management, a leading nationwide distributed energy resource monetization and virtual power plant services company
• Raise light and power, New York City Largest producer and developer of clean energy infrastructure, including battery storage and offshore wind turbines
• Primary Renewable Fuels, a leading development and operating platform for the conversion of natural gas from waste into renewable energy
• Endurant Energy, a provider of decentralized energy infrastructure
• LS Power Transmission, a leading private transmission system operator and developer with over 780 miles of high voltage lines in operation and over 350 miles of multiple substations under development or construction
• LS Power Generation, a large-scale on-demand power generation platform that brings energy, reliability and flexibility to the grid

The transaction is expected to close in the fourth quarter of 2024 or the first quarter of 2025 and is subject to the satisfaction of customary closing conditions, including the approval of the US Federal Energy Regulatory Commission and approval under applicable competition laws.

Milbank LLP is acting as legal advisor and Scotiabank and BMO Capital Markets Corp. are acting as financial advisors to LS Power in connection with the acquisition.

About LS Power

Founded in 1990, LS Power is a leading development, investment and operating company focused on the North American power and energy infrastructure sector with leading platforms for generation, transmission and energy transition solutions. Since its inception, LS Power has developed or acquired 47,000 MW of power generation, including utility-scale solar, wind and hydroelectric plants, battery storage and natural gas-fired assets. In addition, LS Power Grid has built over 780 miles of high voltage transmission, of which over 350 miles and several grid infrastructure projects are currently under construction or development. LS Power actively invests in and scales companies that accelerate the energy transition, including electric vehicle charging, demand response, distributed energy resources, renewable fuels and other critical energy infrastructure. Over the years, LS Power has 59 billion US dollars in debt and equity to support North American infrastructure. For more information, visit www.LSPower.com.

About Algonquin Power & Utilities Corp. and Liberty

Algonquin Power & Utilities Corp., Liberty’s parent company, is a diversified international energy company with approximately 18 billion US dollars of total assets. AQN is committed to providing safe, reliable, cost-effective and sustainable energy and water solutions through its portfolio of investments in the generation, transmission and distribution of utilities to over one million customer connections, mostly in the United States And Canada. In addition, AQN owns, operates and/or has net interests in over 4 GW of installed renewable energy capacity. AQN’s common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A and AQN.PR.D, respectively. AQN’s common shares and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN and AQNB, respectively. Visit AQN at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.

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SOURCE LS Power