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June 30, 2021updated 05 Nov 2021 12:27pm

LS Power acquires 25 solar facilities in US from PSEG

The solar facilities included in the deal have a combined capacity of 468MWdc (365MWac).

By Umesh Ellichipuram

US-based energy development company LS Power, through its affiliate Quattro Solar, has acquired 25 solar power facilities from Public Service Enterprise Group (PSEG).

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The deal, announced last month, covers a solar portfolio owned by PSEG spread across 14 states and five regional transmission organisations in the US. The portfolio’s total capacity comes to 468MWdc (365MWac).

LS Power CEO Paul Segal said: “These solar projects represent an important addition to LS Power’s efforts to accelerate the evolution of a cleaner power grid.

“This acquisition, along with our other investments in the clean energy space, highlights our commitment to scaling a diversified development and operating platform that will drive the decarbonisation of our economy.”

The solar portfolio has also established power off-take agreements with utilities, electric cooperatives and energy suppliers.

The acquisition of PSEG’s solar assets complements LS Power’s clean energy investments, which include the EVgo electric vehicle charging network, CPower Energy Management, Prime Renewable Fuels gas development and operating platform.

Other investments include a battery energy storage platform, with more than 4,000MW of capacity, and a pumped storage hydro platform with more than 1,600MW of capacity.

PSEG’s sale of its solar assets is part of its Strategic Alternatives process, which aims to explore new options for the company’s non-nuclear generating fleet.

The company’s non-nuclear generating fleet includes more than 6,750MW of fossil generation capacity, in addition to the solar portfolio sold to LS Power.

PSEG chairman, president and CEO Ralph Izzo said: “This sale marks a key milestone in our Strategic Alternatives process as we continue our transformation into a primarily regulated utility.

“We remain committed to clean energy, which includes ongoing efforts to preserve our existing carbon-free nuclear fleet and to seek growth opportunities in regional offshore wind projects.”

Goldman Sachs is serving as a financial adviser to PSEG for the transaction, with Wachtell, Lipton, Rosen and Katz acting as legal counsel.

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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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