LS Power To Acquire bp's US Onshore Wind Business

Addition of ~1,300 MW of net operating capacity across 10 grid-connected wind assets will increase LS Power company Clearlight Energy’s renewables capacity to ~4,300 MW

LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector, today announced that it has entered into a definitive agreement to acquire bp’s US onshore wind business, bp Wind Energy North America Inc. (“bp Wind Energy”), comprising ~1,700 MW gross / ~1,300 MW net ownership of operating onshore wind capacity across 10 projects (the “bp Assets”). LS Power will add these assets to its existing fleet of renewable, energy storage, flexible gas and renewable fuels assets comprising a 21,000 MW operating portfolio and more than 780 miles of high-voltage transmission lines in operation, as well as another 350+ miles currently under construction or development.

Upon completion of the acquisition, bp Wind Energy will be owned and operated as part of LS Power portfolio company Clearlight Energy, which focuses on renewable power generation in the US and Canada. The acquisition will increase Clearlight Energy’s operating fleet to ~4,300 MW and further diversify its operations beyond its existing wind, solar, and battery storage fleet.

“LS Power’s mission is to solve complex energy problems to improve the world and make lives better by developing a cleaner, more reliable, and affordable energy ecosystem, and today’s announcement represents a material investment in reaching that goal,” said Paul Segal, Chief Executive Officer of LS Power. “As an integrated business, bp Wind Energy is a natural addition to Clearlight Energy’s growing portfolio of scalable solutions that will broaden our reach geographically and supports our strategy to make energy more efficient, affordable and available.”

The bp Assets, which span Indiana, Kansas, South Dakota, Colorado, Pennsylvania, Hawaii and Idaho, are already providing power to over 15 off-takers and consist of:

• Fowler Ridge 1, Indiana: 288 MW gross capacity, 100%
• Fowler Ridge 3, Indiana: 99 MW gross capacity, 100%
• Flat Ridge 1, Kansas: 44 MW gross capacity, 100%
• Flat Ridge 2, Kansas: 470 MW gross capacity, 100%
• Titan, South Dakota: 25 MW gross capacity, 100%
• Cedar Creek 2, Colorado: 248 MW gross capacity, 50%
• Fowler Ridge 2, Indiana: 200 MW gross capacity, 50%
• Mehoopany, Pennsylvania: 141 MW gross capacity, 50%
• Auwahi, Hawaii: 21 MW gross capacity, 50%
• Goshen 2, Idaho: 125 MW gross capacity, 50%

“We are excited to welcome bp Wind Energy to the Clearlight Energy family as we work to execute on a long-term value creation and growth strategy that will help accelerate the transition to a cleaner future,” said Jeff Norman, Chief Executive Officer of Clearlight Energy. “As part of an organization entirely focused on natural energy solutions, bp Wind Energy will have the resources it needs to reach its full potential while our talented, complementary teams will benefit from our enhanced set of collective capabilities and expertise.”

The transaction is expected to close by the end of 2025, subject to regulatory approvals.

Greenberg Traurig, LLP served as legal advisor and Barclays and Santander served as financial advisors to LS Power on the acquisition.