Milbank LLP advised LS Power, a leading development, investment, and operating company focused on the North American power and energy infrastructure sector, in connection with the sale of its portfolio of natural gas generation facilities and a commercial and industrial virtual power plant (C&I VPP) platform to NRG Energy Inc. (NYSE: NRG) in a cash and common stock transaction valued at approximately $12 billion enterprise value.
LS Power is retaining approximately 10 GW of electric generation capacity across natural gas, renewables and energy storage projects, as well as several industry-leading energy solution platforms and its LS Power Grid (“LSPG”) platform. LSPG, which represents the company’s competitive transmission business, has more than 780 miles of high-voltage transmission lines in operation and another 350+ miles currently under construction or development, representing a combined capital investment of more than $6 billion.
The transaction is expected to close in Q1 2026, subject to customary closing conditions and regulatory approvals.
The Milbank LLP team was led by Global Project, Energy and Infrastructure Finance partner Bill Bice with Global Corporate/M&A partner Scott Golenbock, Global Project, Energy and Infrastructure Finance partner Jeff Leider and Corporate Finance and Securities partner Jonathon Jackson. The team also included Global Project, Energy and Infrastructure partner Kyle Smit, and associates Michayla Wolfe and Anya Andreeva-Quirk and law clerk Andrew Lassman; Global Corporate/M&A associates Richard Rowe, Ari Tuchman and Emily Mahapatra; Executive Compensation partners Mike Shah and Joel Krasnow, special counsel Jameson Frazier and of counsel Jane Hanson; Environmental partner Matthew Ahrens; Antitrust partner Fiona Schaeffer and special counsel Alexis Brown-Reilly; Intellectual Property partner Nathaniel T. Browand; and Tax partner Max Goodman and associate Jesse Hong.
