LS Power Launches Lightning Power, Leading U.S. Northeast Natural Gas Generation Independent Power Producer

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Aug 13, 2024, 09:00 ET

NEW YORK, Aug. 13, 2024 /PRNewswire/ -- LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector, today announced the formation of Lightning Power ("Lightning" or "the Company"), a leading independent power producer ("IPP") with 11 GW of grid enhancing, flexible, quick start natural gas-fired generation located in PJM, ISO-NE and NYISO.

Lightning is comprised of 18 natural gas-fired power projects owned by LS Power. Since its 1990 inception, LS Power has developed, constructed, managed and acquired more than 47,000 MW of utility-scale solar, wind, hydro, battery energy storage and natural gas-fired power generation.

"Lightning Power's fleet of flexible natural gas plants is advantageously positioned to support the significant growth in power demand driven by artificial intelligence and data centers, electrification and the onshoring of manufacturing," said Paul Segal, CEO of LS Power. "Lightning's plants are critical infrastructure assets which underpin the U.S. economy and ensure the reliability and affordability of electricity, crucial to our businesses, hospitals and homes."

Lightning was strategically assembled over several years to create a large-scale, diversified, pure-play natural gas IPP to meet the growing power needs of the economy.

"Lightning Power benefits from strong sector tailwinds, attractive market dynamics, a stable, visible cash flow profile, efficient low-cost assets and an experienced management team," said Nathan Hanson, President of LS Power Generation and CEO of Lightning Power.

Last week, Lightning priced a $3.25 billion debt financing supported by strong credit ratings. Concurrent with the financing, a $600 million revolving credit facility was also established.

Media Contact:
Prosek Partners for LS Power
[email protected]

About Lightning Power

Lightning Power is a leading independent power producer ("IPP") with 11 GW of top-performing natural gas-fired generation located in PJM, ISO-NE and NYISO. Lightning's portfolio includes 18 natural gas-fired power projects, both baseload combined cycle facilities and flexible combustion turbine peakers across eight states. Lightning Power is a wholly owned affiliate of LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector.

About LS Power

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy transition solutions. Since inception, LS Power has developed or acquired 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Additionally, LS Power Grid has built 780+ miles of high-voltage transmission, with 350+ miles and multiple grid infrastructure projects currently under construction or development. LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, distributed energy resources, renewable fuels and other essential energy infrastructure. Over the years, LS Power has raised $59 billion in debt and equity capital to support North American infrastructure. For information, please visit www.LSPower.com.

SOURCE LS Power