LS Power Equity Advisors, LLC has signed definitive agreements to acquire the 420-MW Yards Creek Power Station, a pumped storage hydro facility in New Jersey.
This acquisition involves two counterparties, according to a press release. LS Power anticipates closing on the first 50% undivided interest from PSEG Fossil LLC in the second half of 2020, subject to necessary regulatory approvals and third-party consents. LS Power will be acquiring the remaining 50% interest from FirstEnergy Corp.’s utility subsidiary, Jersey Central Power & Light. Closing on this transaction is anticipated to occur in mid-2021, pending receipt of necessary regulatory approvals and third-party consents.
The Yards Creek facility is located on Yards Creek, a tributary to the Paulinskill River, in Blairstown and Pahaquarry, N.J. It began operating in 1965.
LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. The company has developed, constructed, managed or acquired more than 42,000 MW of power generation, including utility scale solar, wind, hydro, natural gas-fired and battery storage projects.