LS Power to Acquire Six Natural Gas Power Generation Assets from NRG Energy

(NYSE:NRG) NRG Energy Inc. has entered into a definitive agreement with LS Power for the sale of six natural gas-fired power generation facilities across Connecticut, New York, Rhode Island, and Texas, totaling 4.9 GW. The facilities included in the transaction are Jack County combined-cycle (Texas), Johnson County combined-cycle (Texas), Ocean State Power combined-cycle (Rhode Island), Ravenswood combined-cycle, simple-cycle, and steam turbine (New York), R.W. Miller simple-cycle and steam turbine (Texas), and Wallingford simple-cycle (Connecticut). This acquisition will expand LS Power's natural gas generation fleet from 2.2 GW to 11.5 GW, factoring in both the NRG transaction and a pending acquisition of approximately 4.4 GW from Constellation. LS Power's total generation fleet, including hydro, solar, wind, and battery storage assets, will grow to more than 19 GW. The acquisition is expected to close in 2027, subject to customary closing conditions and regulatory approvals. Paul Segal, CEO of LS Power, stated that significant investment in firm, dispatchable power is essential to grid reliability and that expanding LS Power's footprint in Texas, Northeast, and New York markets supports historic levels of power demand growth. Milbank LLP acted as legal advisor, and Scotiabank and Evercore served as financial advisors to LS Power. Since its founding in 1990, LS Power has developed or acquired more than 50,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. LS Power Grid, the company's transmission business, operates 7 transmission utilities and has built over 780 miles of high-voltage transmission, with another 400+ miles in construction or development. LS Power has raised more than $95 billion in debt and equity capital to support North American infrastructure.

NRG ENERGY, INC.