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.