LS Power announced today that it has entered into an agreement to sell its interests in the Dover Sun Park, the Arlington Valley Solar Energy II and the Centinela Solar Energy projects to Capital Dynamics. LS Power was the original developer of these projects, which entered commercial operations in 2011, 2013 and 2014 respectively. The sale is subject to customary regulatory approvals and is expected to close in the fourth quarter of 2020.
The projects included in the sale agreement are:
- Dover Sun Park – 11 MW DC (10 MW AC); Dover, DE
- Arlington Valley Solar Energy II (LS Power's 30% interest) – 53 MW DC (38 MW AC); Maricopa County, AZ
- Centinela Solar Energy – 252 MW DC (170 MW AC); Imperial County, CA
John King, LS Power Head of Renewables, said, "When we began work on these projects a dozen years ago, we established ourselves as a market leader in utility scale solar development in the U.S. At that time, these projects were considered audacious in scope and scale, and the development and execution was challenging. We are proud of what we accomplished and pleased that Capital Dynamics, an experienced owner and operator of solar generation, will approach their stewardship of these projects with a similar long-term orientation."
LS Power Expands Renewable Development Efforts
Paul Segal, CEO of LS Power, also announced today that LS Power is expanding its renewable energy efforts. "We remain dedicated to serving the needs of a rapidly evolving power grid and are redoubling our efforts to provide resources which can serve to decarbonize our economy. LS Power can maximize its contribution to decarbonization by continuing to develop incremental utility scale renewable generation, beyond our ongoing development efforts in battery storage and high voltage transmission. With that focus, we have established a new programmatic effort to develop, build, own and operate the renewable projects that will power the nation's grid for decades to come. We intend to do this in scale, are adding to our team, and plan to deploy significant capital in order to execute on this vision."