07 May 2020

LS Power to Buy 420-MW Pumped-Storage Hydro Plant in New Jersey

07 May 2020  by Renewables Now   

US power and energy infrastructure owner LS Power Equity Advisors LLC has signed definitive agreements to acquire the Yards Creek Power Station, a 420-MW pumped-storage hydroelectric plant in New Jersey.

The acquisition will involve stake purchases from two different counterparties, LS Power said Tuesday.

The company expects to close the purchase of a 50% stake from power plant operator PSEG Fossil LLC in the second half of 2020.

LS Power will buy the remaining 50% in Yards Creek from Jersey Central Power & Light, a subsidiary of electric utility FirstEnergy Corp (NYSE:FE). The closing of the second part of the transaction is expected in mid-2021.

Both stake purchases are subject to regulatory approvals and third-party consents, LS Power added.

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