Milbank LLP advised LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector, on its definitive agreement with NRG Energy Inc. (NYSE: NRG) to acquire six natural gas-fired power generation facilities across Connecticut, New York, Rhode Island and Texas, totaling 4.9 GW.
This acquisition from NRG, together with the pending acquisition of approximately 4.4 GW from Constellation, will expand LS Power's natural gas generation fleet from 2.2 GW to 11.5 GW, increasing the company's capacity in key power markets. LS Power's generation fleet, which also includes hydro, solar, wind and battery storage assets, will grow to more than 19 GW. The acquisition is expected to close in 2027, subject to customary closing conditions and regulatory approvals.
“We're proud to have advised LS Power on this important transaction, which adds nearly 5 GW to its national footprint across three key regions at a time when power demand is surging,” said Global Project, Energy and Infrastructure Finance partner Jeff Leider. “Deals like this require seamless interdisciplinary execution, and this transaction highlights Milbank’s industry-leading capabilities across all aspects of energy M&A, financing and commercial contracting.”
The Milbank team was led by Global Corporate/M&A partner Lowell Dyer and Global Project, Energy and Infrastructure Finance partners Jeff Leider and Rhys Howard.
The team also included Global Project, Energy and Infrastructure Finance special counsel Jeremy Schwer, Gregory Jones and Carlos Clemente, associates Beryl Yan and Michayla Wolfe and law clerk Sam Kole; Global Corporate/M&A associates Brenda Luo, Ryan Aymard and Joshua Rosenberg and law clerk Quincy Tichenor; Alternative Investments partner Elizabeth Martinez and associate Hayden Stark; and Tax partner Max Goodman and associate Rita Halabi.
