U.S. power and energy infrastructure owner, LS Power Equity Advisors, LLC (LS Power), has announced that it has signed an agreement to acquire approximately 3,950 MW of generation resources in the Northeastern United States, through its affiliate Helix Generation, LLC, from TransCanada Corporation for USD$2.2 billion in cash, subject to working capital and other adjustments.
The portfolio consists of the following four generation facilities:
Paul Segal, chief executive officer of LS Power, said:
“LS Power’s experience owning and operating a diverse array of generating facilities throughout the Northeast uniquely positions us to acquire this portfolio of power plants. Each of these assets serves a distinct and crucial role to meet the demand needs in their respective Northeast markets. Moreover, these facilities are staffed by skilled personnel that maintain safe and efficient operations for their customers. We look forward to ensuring a smooth transition of ownership and responsible stewardship of these vital assets.”
The transaction is expected to close in the first quarter of 2017, pending receipt of necessary regulatory approvals and third-party consents.