LS Power launches Lightning Power, a leading U.S. independent power producer

LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector, has formed Lightning Power, 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-B debt financing supported by strong credit ratings. Concurrent with the financing, a $600-MM revolving credit facility was also established. 

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