November 17 (Renewables Now) - LS Power has signed a deal to buy the 334-MW Central Rivers Power portfolio of hydroelectric plants across the US from private equity firm Hull Street Energy, it was announced this week.
Under the terms of the agreement, LS Power will acquire a total of 42 run-of-river hydro facilities located in 11 states. Almost half of the portfolio in terms of capacity, or 152 MW, is concentrated in the ISO-NE region, with 86 MW in PJM and 48 MW in NYISO. The remaining plants are located in CAISO, SERC and WECC.
“The hydro projects we are acquiring are located in states and markets with attractive regulatory environments supportive of energy transition investments, which we anticipate will grow over time,” said Nathan Hanson, president of LS Power Generation. “Policies in New York and Massachusetts already promote the use of small hydro projects to meet renewable portfolio standards, and we expect additional states will follow as energy transition tailwinds continue to grow,” he added.
Together, the hydro plants being acquired generate some 1.25 million MWh of electricity per year.
LS Power expects to close the purchase by the end of next year’s first quarter, subject to receiving the required regulatory approvals.