LS Power to Acquire bp’s U.S. Onshore Wind Business
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LS Power has entered into a definitive agreement to acquire bp’s U.S. onshore wind business, bp Wind Energy North America. The acquisition comprises of ~1,700 MW gross / ~1,300 MW net ownership of operating onshore wind capacity across 10 projects.
LS Power will add these assets to its existing fleet of renewable, energy storage, flexible gas, and renewable fuels assets comprising a 21,000 MW operating portfolio and more than 780 miles of high-voltage transmission lines in operation, as well as another 350+ miles currently under construction or development.
Upon completion of the acquisition, bp Wind Energy will be owned and operated as part of LS Power portfolio company Clearlight Energy, which focuses on renewable power generation in the U.S. and Canada. The acquisition will increase Clearlight Energy’s operating fleet to ~4,300 MW and further diversify its operations beyond its existing wind, solar, and battery storage fleet.
“LS Power’s mission is to solve complex energy problems to improve the world and make lives better by developing a cleaner, more reliable, and affordable energy ecosystem, and today’s announcement represents a material investment in reaching that goal,” said Paul Segal, chief executive officer of LS Power.
“As an integrated business, bp Wind Energy is a natural addition to Clearlight Energy’s growing portfolio of scalable solutions that will broaden our reach geographically and supports our strategy to make energy more efficient, affordable and available,” added Segal.
The bp assets, which span Indiana, Kansas, South Dakota, Colorado, Pennsylvania, Hawaii, and Idaho, are already providing power to more than 15 off-takers.
“We are excited to welcome bp Wind Energy to the Clearlight Energy family as we work to execute on a long-term value creation and growth strategy that will help accelerate the transition to a cleaner future,” said Jeff Norman, chief executive officer of Clearlight Energy.
“As part of an organization entirely focused on natural energy solutions, bp Wind Energy will have the resources it needs to reach its full potential while our talented, complementary teams will benefit from our enhanced set of collective capabilities and expertise,” added Norman.
The transaction is expected to close by the end of 2025, subject to regulatory approvals.
Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy expansion solutions. Since inception, LS Power has developed or acquired 50,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through its transmission business, LS Power Grid has built 780+ miles of high-voltage transmission with an additional 350+ miles currently under construction or development. LS Power actively invests in and scales businesses that are meeting the growing needs of the energy expansion, including electric vehicle charging, demand response, microgrids, renewable fuels, and waste-to-energy platforms. Over the years, LS Power has raised more than $70 billion in debt and equity capital to support North American infrastructure.
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