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LS Power to buy 420-MW pumped-storage hydro plant in New Jersey

Author: U.S. Army Corps of Engine. License: Creative Commons, Attribution 2.0 Generic.

May 6 (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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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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