LS Power Equity Advisors, LLC has agreed to acquire the 420MW Yards Creek pumped storage project in New Jersey, US.
The acquisition will involve two counterparties, as LS Power anticipates closing on the first 50% undivided interest from PSEG Fossil LLC in the second half of 2020, subject to necessary regulatory approvals and third-party consents.
In addition, LS Power will acquire the remaining 50% interest in Yards Creek from FirstEnergy Corp.’s utility subsidiary, Jersey Central Power & Light, for which closing is anticipated to occur in mid-2021.
