LS Power, the investor, developer and operator of renewable energy infrastructure in North America, announced this Wednesday that it will launch a new industry leader; in the development, acquisition and operation of energy storage and renewable projects, Rev Renewables.
Firstly, the new company will bring together the storage and renewable assets of parent company LS Power; along with a team of seasoned industry professionals to create a differentiated clean energy growth platform.
Secondly, from its first day of coming to being, Rev Renewables has an operating portfolio of storage, solar and wind projects of 2,4 GW; consequently, the company is launching as one of the largest independent pure-play energy storage and renewables companies in the U.S.
Thirdly, the portfolio of Rev Renewables includes a California-based battery storage portfolio, that will have 615 megawatts of capacity when fully operational by the end of 2022; such project would include Gateway, the world’s largest battery at 250 MW.
Moreover, the portfolio also includes the largest non-utility pumped storage hydro project in the mid-Atlantic region of PJM, with 1,620 MW of capacity; wind assets for 132 MW; and a portfolio of 25 solar power facilities spanning 14 states, and 467 MWdc/365MWac.
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LS Power to support commercialization of renewable energy solutions
In addition, about the relevance of the new company, Paul Segal, CEO of LS Power, said. “The rising demand for clean energy solutions presents a once-in-a-lifetime opportunity for Rev Renewables; to deploy its human and capital resources into storage, solar and wind projects. Rev is the latest effort by LS Power to support the commercialization and also deployment at-scale of clean energy technologies.”
He also remarked. “Energy storage and renewable generation are essential components in meeting our decarbonization goals; while maintaining affordability, reliability and also, resilience.”
On the other hand, the new company will rely on a strong executive team, comprised of industry experts with extensive experience across the power and energy sectors. The Chief Executive Officer of the company will be Ed Sodney, whoe declared. “The establishment of Rev Renewables is a significant milestone and extension of LS Power’s renewable energy focus. I am also excited to work with our impressive team to drive Rev’s continued expansion; as we embark on this mission-critical journey to decarbonize our nation’s grid.”
Finally, he concluded. “With our team’s track record of developing and operating renewable assets; and successfully executing in markets with high barriers to entry, Rev Renewables is also well equipped to reimagine the future of renewable energy generation and storage.”