LS Power Completes Acquisition of Algonquin Power & Utilities Corp.’s Renewable Energy Business for US$2.5B

On January 8, 2025, LS Power completed its acquisition of the renewable energy business of Algonquin Power & Utilities Corp. (“Algonquin Power”) for approximately US$2.5 Billion. The acquisition strategically expands LS Power’s renewable energy portfolio, adding more than 23,000 megawatts of renewable, energy storage, flexible gas and renewable fuels generation capacity, as well as a number of projects in various stages of development. 

With the closing of this acquisition, LS Power also formed a new company, Clearlight Energy (“Clearlight”). Clearlight will manage and grow the operating wind and solar assets acquired from Algonquin, which are located across North America. The transaction, which was announced on August 9, 2024, closed following the receipt of regulatory approvals in Canada and the United States.

LS Power, based in New York, 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.

McCarthy Tétrault LLP advised LS Power and Clearlight  and assisted US counsel Milbank LLP with a team led by Seán C. O'Neill and David Choi that included Matthieu Rheault, Gerald Gaunt, Geena Lee, Elena Drouin, Gurvir Sangha, Rachael Carlson, Britney Schyf, Sarah Xu, Robert Hansen, Jesslyn Chong, Pedram Gholipour, Rita Iafrate, Tanner Lorenson, Emmanuel Onyemachi, Declan Sakuls, Shaun Shepherd (Business) Stefanie Morand, Drew Morier, Mike Dolson, Simon Douville, Darren Chung, Camille Belanger (Tax) Stephen Furlan, Candace Pallone, Victoria Everett, Etienne Guertin, Liezl Behm, Jenna Clark, William Lee, Cindy Zhang, Mehak Suri, Quentin Pérès (Financial Services) Jason Gudofsky, Gideon Kwinter, Alykhan Rahim (Competition/Antitrust and Foreign Investment) Mark Christensen, Carly Caruso, Nicholas Sciuk, Sarah Murphy, Nicholas Alevras, Xin Yue Zhang, Mary Pagonis, Nika Moslehi, Maneet Kahlon (Real Property), Benjamin Aberant, Grace McDonnell (Labour & Employment), Suan Nickerson, Julia Miller (Pensions, Benefits & Executive Compensation) Selina Lee-Andersen, Julie Belley Perron, Daniel Bornstein, Dominique Amyot-Bilodeau, Gwenyth Wren (Environmental, Regulatory & Aboriginal), Lori Duffy, Christina Shum (Trusts), Robert Glasgow (International Trade), Dan Glover (Intellectual Property), Emily Bawtinheimer, Leah Bedder, Sandra Belton, Katherine Fuller, Annabelle Lecluse-Moka, Sandra Robbins, Denise Roldan, Ernesto Aleman Vera, Ann Walker, and Cathy Wilson (Paralegals).