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Released January 14, 2025 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Last week, LS Power (New York, New York) made a move that drastically increased its renewable holdings when it closed its purchase of Algonquin Power & Utilities Corporation's (NYSE:AQN) (Oakville, Ontario) non-hydro renewable assets. The move affects how LS will be structured as it creates a new subsidiary and passes some active Algonquin projects to an existing part of the company.
The deal, valued at up to US$2.5 billion, has been in the works since August 2024, and to manage the new assets, LS Energy is setting up a new company, Clearlight Energy, which will manage the 3,000 megawatts (MW) of renewable access that span the U.S. and Canada. Jeff Norman, formerly president of renewables at Algonquin, will serve as chief executive officer of Clearlight Energy.
But the deal encompasses more than existing assets. Also part of the package are 8,000 MW of renewable projects that are in the development pipeline by Algonquin. The newly formed Clearlight will be responsible for the 1,800 MW of these projects in Canada as well as those co-located with existing operational assets in both the U.S. and Canada. The remaining 6,200 MW of projects that are in development in the U.S. will be managed by an existing LS Power subsidiary, REV Renewables.
Industrial Info is tracking more than $2.9 billion worth of wind and solar projects that LS will obtain from Algonquin. Among those set for existing facilities, therefore coming under the auspices of the Clearlight Energy subsidiary, is the addition of 60 MW of solar power and 50 MW of battery energy storage at the Luning solar site in Nevada. The solar portion will use approximately 224,000 solar panels manufactured by First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona), while the 50-MW battery energy storage system (BESS) will use Tesla Incorporated's (NASDAQ:TSLA) (Austin, Texas) Megapack battery technology. The project is expected to kick off in the second quarter of next year, putting it on track to be completed by the end of 2027. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more by viewing the project report.
LS Power's newly acquired wind projects include a grassroot undertaking that will come under subsidiary REV Energy's domain near Port Sanilac, Michigan. As envisioned by Algonquin, the facility will employ 50 wind turbines, each rated at 6 MW, to achieve aggregate generation of 300 MW. Construction potentially could kick off quite soon, putting the wind facility on track for completion in late 2026. Subscribers can learn more by viewing the project report.
Besides the projects that it will inherit from Algonquin, LS Power has several of its own projects, many involving renewable energy and associated power transmission. The company is targeting more than 1,800 MW of wind power on U.S. Bureau of Land Management land in Idaho, although these projects are deemed to have a low probability (0-69%) of moving forward as planned. (See project reports.)
Coming under the auspices of LS' REV Renewables, which will inherit Algonquin's U.S. projects in development, is a BESS facility in Boulder City, Nevada, that could provide up to 500 MW of power in times of low renewable energy output. The first portion of the project, accounting for 250 MW, could begin this summer and be completed by the end of 2025. Subscribers can click here to learn more about the project.
Subscribers to Industrial Info's GMI Database can click here to view reports for all of the projects discussed in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
The deal, valued at up to US$2.5 billion, has been in the works since August 2024, and to manage the new assets, LS Energy is setting up a new company, Clearlight Energy, which will manage the 3,000 megawatts (MW) of renewable access that span the U.S. and Canada. Jeff Norman, formerly president of renewables at Algonquin, will serve as chief executive officer of Clearlight Energy.
But the deal encompasses more than existing assets. Also part of the package are 8,000 MW of renewable projects that are in the development pipeline by Algonquin. The newly formed Clearlight will be responsible for the 1,800 MW of these projects in Canada as well as those co-located with existing operational assets in both the U.S. and Canada. The remaining 6,200 MW of projects that are in development in the U.S. will be managed by an existing LS Power subsidiary, REV Renewables.
Industrial Info is tracking more than $2.9 billion worth of wind and solar projects that LS will obtain from Algonquin. Among those set for existing facilities, therefore coming under the auspices of the Clearlight Energy subsidiary, is the addition of 60 MW of solar power and 50 MW of battery energy storage at the Luning solar site in Nevada. The solar portion will use approximately 224,000 solar panels manufactured by First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona), while the 50-MW battery energy storage system (BESS) will use Tesla Incorporated's (NASDAQ:TSLA) (Austin, Texas) Megapack battery technology. The project is expected to kick off in the second quarter of next year, putting it on track to be completed by the end of 2027. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more by viewing the project report.
LS Power's newly acquired wind projects include a grassroot undertaking that will come under subsidiary REV Energy's domain near Port Sanilac, Michigan. As envisioned by Algonquin, the facility will employ 50 wind turbines, each rated at 6 MW, to achieve aggregate generation of 300 MW. Construction potentially could kick off quite soon, putting the wind facility on track for completion in late 2026. Subscribers can learn more by viewing the project report.
Besides the projects that it will inherit from Algonquin, LS Power has several of its own projects, many involving renewable energy and associated power transmission. The company is targeting more than 1,800 MW of wind power on U.S. Bureau of Land Management land in Idaho, although these projects are deemed to have a low probability (0-69%) of moving forward as planned. (See project reports.)
Coming under the auspices of LS' REV Renewables, which will inherit Algonquin's U.S. projects in development, is a BESS facility in Boulder City, Nevada, that could provide up to 500 MW of power in times of low renewable energy output. The first portion of the project, accounting for 250 MW, could begin this summer and be completed by the end of 2025. Subscribers can click here to learn more about the project.
Subscribers to Industrial Info's GMI Database can click here to view reports for all of the projects discussed in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
