LS Power

What LS Power does

LS Power is a privately held, family and employee-owned development, investment, and operating company founded in 1990 and headquartered in New York, with additional offices in St. Louis, New Jersey, Texas, California, and Oakville, Ontario. The firm operates as a hybrid infrastructure investor/operator, combining private equity fund management with hands-on power generation, transmission, and energy solutions ownership across North America. Through LS Power Equity Advisors, it manages five flagship infrastructure funds totaling approximately $13.4 billion in committed equity capital, with more than $78 billion in total debt and equity capital raised since inception. The company employs over 430 people across investment, asset operations, energy trading, engineering, development, and government/regulatory affairs functions.

The company operates three integrated business divisions: LS Power Generation (an approximately 22,400–23,000 MW operating portfolio spanning natural gas, solar, wind, battery storage, pumped-storage hydro, and run-of-river hydro assets selling into PJM, ERCOT, CAISO, MISO, ISO-NE, and NYISO wholesale markets); LS Power Grid (seven transmission utilities and 780+ miles of high-voltage transmission lines under construction or operation across seven states); and LS Power Solutions (distributed energy resources, EV charging via EVgo, demand response via CPower, energy efficiency via OPTERRA, and renewable natural gas via the Landfill Group). Notable technology milestones include deploying Gateway Energy Storage (250 MW, world's largest at energization in August 2020) and Vista Energy Storage (40 MW, first utility-scale standalone BESS in the U.S. in 2018), plus HVDC transmission technology deployed for the Power Santa Clara Valley Project. Specialized capabilities include submarine cable installation using mechanical trenching plows and vertical injection for water crossings.

Revenue is generated through a multi-stream model: (1) management fees and carried interest on the $13.4B infrastructure fund platform (subscription/recurring); (2) electricity sales into U.S. wholesale power markets and bilateral power purchase agreements (transaction fee); (3) FERC-regulated transmission tariffs and municipal franchise fees (managed services); (4) equity returns from portfolio companies including EVgo (NASDAQ: EVGO), REV Renewables, Clearlight Energy, and OPTERRA (licensing/royalty); and (5) periodic large-scale asset divestitures such as the $13 billion NRG Energy transaction completed in January 2026. The firm serves institutional LPs (pension funds, sovereign wealth funds, endowments, insurance companies), regional grid operators (CAISO, MISO, PJM), municipal governments (San José, Fremont, Santa Clara), and wholesale electricity buyers including utilities and load-serving entities. Top-quartile net IRRs across all three active funds versus the Preqin Infrastructure North America benchmark (Q2 2025) indicate strong fund performance.

Name

LS Power

Legal name

LS Power Development, LLC

Website

https://lspower.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

251–500 employees

Short description

LS Power is a privately held North American energy infrastructure developer, investor, and operator managing ~$13.4B across 5 infrastructure funds, owning 22,400+ MW of generation, 780+ miles of transmission, and platforms spanning renewables, storage, EV charging, and demand response.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Private Fund Management: LS Power Equity Advisors raises committed equity capital through private infrastructure funds (5 flagship funds raised to date). Generates management fees and carried interest on fund investments across power generation and transmission assets.
2. Power Generation Asset Operations: Operating portfolio of 22,400+ MW of power generation assets (natural gas, solar, wind, hydro, battery storage) generates revenue through electricity sales into wholesale markets (PJM, ERCOT, CAISO, MISO, ISO-NE, NYISO) and long-term power purchase agreements.
3. Transmission Infrastructure Development: Develops, owns, and operates high-voltage transmission systems. Revenue derived from regulated transmission tariffs approved by FERC and state regulators, plus franchise fees from municipalities.
4. Platform Company Equity: Equity investments in portfolio companies including EVgo (EV charging), REV Renewables (renewables/storage), Clearlight Energy (renewables), and OPTERRA (energy efficiency) generate returns through operating cash flows and exit transactions.
5. Asset Divestitures: Strategic sale of assembled asset portfolios to strategic buyers (e.g., $13B NRG Energy transaction, $5B Constellation Energy transaction) generates significant investment returns and carried interest for fund investors.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

LS Power develops, invests in, owns, and operates North American power generation, high-voltage electric transmission, and distributed energy infrastructure. Through LS Power Generation, LS Power Grid, and LS Power Solutions, the company manages approximately 23,000 MW of conventional and renewable generation capacity, 780+ miles of high-voltage transmission across 7 states, and a portfolio of energy solutions platforms. Its LS Power Equity Advisors arm raises and manages private infrastructure funds (approximately $13.4 billion committed across 5 flagship funds) that finance acquisitions, development, and operational improvements across the energy value chain.

Product overview

LS Power is a family and employee-owned development, investment, and operating company focused on North American power and energy infrastructure. The company operates through three core business divisions: LS Power Generation (approximately 22,400 MW of conventional and renewable power generation including natural gas, solar, wind, battery storage, and hydro), LS Power Grid (electric transmission with 7 utilities and 780+ miles of lines), and LS Power Solutions (distributed energy resources, EV charging, and efficiency platforms). Key subsidiaries and portfolio companies include Clearlight Energy (~4,300 MW renewable portfolio), REV Renewables (hydro and storage), Lightning Power (~11 GW natural gas), OPTERRA Energy Services (efficiency and renewables), CPower Energy (demand response/VPP), Endurant Energy (DER), and EVgo (EV charging). The company has raised $13.4 billion across 5 flagship funds through LS Power Equity Advisors and employs over 430 people.

Differentiator

Problem solved

Functional benefit

Brands

• Clearlight Energy: Operating fleet of utility-scale solar, wind, and battery storage projects across North America, approximately 4.3 GW portfolio
• REV Renewables
• Lightning Power
• OPTERRA Energy Services
• LS Power Grid
• Silver Run Electric
• Republic Transmission
• LS Power Equity Advisors

Products and services

• LS Power Generation Portfolio of conventional and renewable power generation assets including natural gas, solar, wind, battery energy storage, pumped storage hydro, and run-of-river hydro, with an operating fleet of approximately 23,000 MW supplying power to the equivalent of 4.7 million homes. Sells electricity into wholesale markets (PJM, ERCOT, CAISO, MISO, ISO-NE, NYISO) and through long-term power purchase agreements with utilities and load-serving entities.
• LS Power Grid Electric transmission utility that designs, builds, owns, and operates high-voltage transmission systems across California, Delaware, Indiana, New Jersey, New York, Nevada, and Texas. Includes 780+ miles of transmission lines, 400+ miles in construction/development, and operations under FERC-regulated transmission tariffs and municipal franchise agreements.
• LS Power Solutions

Quantifiable outcome

• 23,000 MW operating portfolio generated enough power to supply over 4.7 million homes (2024)
• +6 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

18 partnerships are on record, tiered core, secondary and minor.

• California ISO (CAISO)coreStrategic or Co-development Partner · 17 April 2026CAISO selected LS Power Grid California for new 230-kV underground transmission line ($150-200M project) connecting Silicon Valley Power to PG&E's San José B Substation. Project selected from 5 qualified proposals. Required in-service date June 1, 2030.
• CC Power Joint Powers AgencysecondaryStrategic or Co-development Partner · 17 April 2026Partnership with California community choice aggregators on Tumbleweed Energy Storage BESS project (69MW/552MWh in Kern County). CC Power agreement satisfies 55% of Mid-Term Reliability requirement for 8-hour minimum storage procurement.
• Constellation EnergycoreStrategic or Co-development Partner · 18 March 2026$5 billion acquisition of ~4.4 GW of natural gas-fired generation assets in PJM (Bethlehem, York 1, York 2, Hay Road, Edge Moor facilities) as required divestiture from Constellation's Calpine acquisition. DOJ and FERC regulatory requirement. Transaction expected to close later in 2026.
• NRG EnergycoreStrategic or Co-development Partner · 30 January 2026$13 billion milestone transaction: sale of 13 GW gas generation portfolio and CPower VPP platform to NRG Energy, completed January 30, 2026. NRG doubled its generation fleet to ~25 GW. LS Power received cash and NRG common stock. Affiliates sold ~14.3M shares in secondary offering (~$2.35B proceeds).
• BP Wind Energy North AmericacoreStrategic or Co-development Partner · 9 December 2025Acquisition of BP's U.S. onshore wind business for undisclosed amount. Added ~1,300 MW of operating wind capacity across 10 projects in Indiana, Kansas, South Dakota, Colorado, Pennsylvania, Hawaii, and Idaho. Integrated into Clearlight Energy. Transaction closed December 9, 2025.
• OPTERRA Energy ServicescoreStrategic or Co-development Partner · 16 June 2025OPTERRA Energy Services, formerly ENGIE Services U.S., acquired by LS Power in 2025. Has over 50 years of experience in energy solutions with 9,000+ projects completed including solar and microgrid installations. Expands LS Power's efficiency and renewables offerings.
• Clearlight EnergycoreStrategic or Co-development Partner · 8 January 2025Clearlight Energy is an LS Power portfolio company established in 2025 to manage ~4,300 MW of wind, solar, and battery storage assets acquired from Algonquin Power & Utilities Corp. Operates 54 North American renewable power generation projects. Leadership includes CEO Carolyne Murff and CFO Matt Mitchell. Net ownership of ~1,300 MW added through BP Wind acquisition.
• Algonquin Power & Utilities Corp.coreStrategic or Co-development Partner · 8 January 2025Acquisition of renewable energy business for undisclosed amount, forming Clearlight Energy. Portfolio of 44 projects in U.S. and Canada with 3,000+ MW capacity plus 8,000 MW development pipeline. Transaction announced August 2024 and closed January 8, 2025.
• Greenberg Traurig, LLPminorImplementation/ SI/ Consulting Partner · 1 January 2025Legal advisor to LS Power on BP Wind Energy North America acquisition.
• White & Case LLPminorImplementation/ SI/ Consulting Partner · 1 January 2025Legal advisor to LS Power on Constellation Energy $5B PJM acquisition.
• Willkie Farr & Gallagher LLPminorImplementation/ SI/ Consulting Partner · 1 January 2025Legal advisor to LS Power on Constellation Energy $5B PJM acquisition.
• Pacific Gas & Electric (PG&E)coreStrategic or Co-development Partner · 1 January 2023Partnership on Bay Area transmission projects. PG&E to own and operate completed Power the Bay infrastructure following energization. Collaboration between LS Power development/financing/construction capabilities and PG&E operational expertise. PG&E doubling capacity of nearby substation from 40 to 80 MW for data center power demands.
• Silicon Valley PowersecondaryStrategic or Co-development Partner · 1 January 2023Municipal utility in San José. Transmission line connecting to Northern Receiving Station Substation as part of Bay Area grid reliability projects.
• REV RenewablescoreStrategic or Co-development Partner · 1 January 2021REV Renewables is an LS Power portfolio company operating ~3 GW of utility-scale renewables and energy storage. Manages assets including Vista Energy Storage (40 MW) and Gateway Energy Storage (250 MW, world's largest when built). Led by President Nate Hanson. CEO Carolyne Murff previously served as COO of REV Renewables before moving to Clearlight.
• Endurant EnergysecondaryStrategic or Co-development Partner · 1 January 2020Endurant Energy, part of LS Power Solutions, provides distributed energy resources and microgrid solutions for commercial and industrial customers.
• The Landfill GroupsecondaryStrategic or Co-development Partner · 1 January 2020Partnership for landfill waste-to-renewable natural gas solutions, reducing carbon footprint while generating clean energy.
• CPower Energy ManagementcoreStrategic or Co-development Partner · 1 January 2018CPower Energy Management is LS Power's commercial and industrial demand response and virtual power plant platform. Provides distributed energy resource management for C&I customers with 6 GW of VPP capability. Sold to NRG Energy in January 2026 as part of $13B transaction.
• EVgocoreStrategic or Co-development Partner · 1 January 2018EVgo, Inc. (NASDAQ: EVGO) is LS Power's electric vehicle charging infrastructure platform. David Nanus serves as Chairman of the board. LS Power reduced stake through share sales but remains involved. Operates public EV charging infrastructure across 40 U.S. states.

Scale indicators16 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Energy Capital Partners: Dedicated energy infrastructure investor (Power Opportunities, Energy Capital Partners III/IV) focused on power generation, transmission, and storage; closest direct peer in the U.S. energy-focused PE/infrastructure space.
• Macquarie Asset Management: Major infrastructure fund manager with large North American energy and renewables portfolios (e.g., Green Investment Group); competes for LP commitments and competes in competitive transmission/renewables auctions.
• Constellation Energy: Largest U.S. competitive generator with significant nuclear, gas, and renewables across PJM and other regions; LS Power is acquiring $5B of Constellation's PJM gas assets and competes on competitive transmission and generation.
• Talen Energy: Independent power producer with substantial PJM gas and nuclear capacity; directly competes with Lightning Power for capacity revenues and corporate/data-center PPAs in the Mid-Atlantic.
• Brookfield Infrastructure Partners: Global infrastructure investor with comparable renewable, transmission, and conventional generation platforms; competes with LS Power Equity Advisors for institutional LP capital and asset acquisitions across North America.
• NRG Energy: Strategic competitor and recent counterparty — NRG acquired LS Power's 13 GW gas portfolio and CPower VPP platform for $13B in January 2026, doubling NRG's generation fleet; competes directly in PJM retail and generation.
• Vistra Corp: Large independent power producer with a comparable multi-technology generation portfolio (gas, nuclear, renewables, storage) across ERCOT, PJM, and other U.S. markets; competes head-to-head with LS Power's generation business.
• NextEra Energy Resources: Largest U.S. renewable energy generator with comparable wind, solar, and storage development and an in-house transmission presence; competes with LS Power for competitive transmission awards and renewable PPAs.

Emerging players

• Blackstone Infrastructure Partners: Large infrastructure fund with growing North American power and renewables exposure; overlaps with LS Power's private funds platform but has a shorter track record and a different asset mix.

Broad incumbents

• KKR Global Infrastructure Investors: Established global infrastructure investor with multi-billion-dollar funds deploying across North American energy infrastructure; competes with LS Power Equity Advisors for institutional LP mandates and asset deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/lspowergroup
• LinkedInlinkedin.com/company/ls-power

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LS Power