LS Power pays $2.2bn for four TransCanada assets

LS Power, an energy company based in New York, has purchased four power generation assets in the Northeastern US from TransCanada for $2.2 billion.

Through its subsidiary Helix Generation, LS Power has acquired a combined 3,950MW of generation capacity. The transaction is expected to close in the first quarter of 2017, pending regulatory approval and third-party consent.

The independent power provider has purchased three combined-cycle natural gas facilities: the 2,480MW Ravenswood station in Queens, New York, the 778MW Ironwood facility in Pennsylvania, and the 560MW Ocean State Power facility in Rhode Island. LS Power also acquired the 132MW Kibby Wind project in Maine.

“Each of these assets serves a distinct and crucial role to meet the demand needs in their respective Northeast markets,” said LS Power chief executive Paul Segal. “Moreover, these facilities are staffed by skilled personnel that maintain safe and efficient operations for their customers.”

LS Power was founded in 1990 and owns, operates and invests in power generation and transmission infrastructure throughout the US. It has developed and acquired more than 30GW of generation assets since inception. Earlier this year, LS Power launched Life Energy, a clean energy company focused on providing electricity, gas, mobile LNG, solar and distributed generation. Its plan is to focus on the US market at first, and later expand into Canada and Mexico.