LS Power announces the formation of Rev Renewables LLC to develop, acquire and operate energy storage and renewable projects, including conventional hydropower and pumped storage.
Rev brings together the storage and renewable assets of parent company LS Power – a firm with three decades of investment, innovation and development experience in the U.S. power and energy infrastructure industries – along with a team of seasoned industry professionals to create a differentiated clean energy growth platform, according to a press release.
Rev has a 2.4-GW portfolio of operating storage, solar and wind projects, including a California-based battery storage portfolio (615 MW by the end of 2022) that includes Gateway, the world’s largest battery at 250 MW when it was energized in 2020; the largest non-utility pumped storage hydro portfolio in the mid-Atlantic region of PJM (1,620 MW); wind assets (132 MW); and 25 solar power facilities spanning 14 states (467 MWdc/365MWac).
Rev also has a robust development pipeline of projects underway across the country, according to a release, but the specific projects were not detailed.
“Energy storage and renewable generation are essential components in meeting our decarbonization goals while maintaining affordability, reliability, and resilience,” said Paul Segal, chief executive officer of LS Power. “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 deployment at-scale of clean energy technologies.”
LS Power’s growing family of clean energy investments includes EVgo, a public fast-charging network for electric vehicles and the first powered by 100% renewable energy; Endurant Energy, a provider of sustainable, resilient, and cost-effective distributed energy infrastructure solutions; CPower Energy Management, a demand-side energy management solutions provider; Primary Renewable Fuels LLC, a landfill gas-to-renewable natural gas development and operating platform; and 600+ miles of high-voltage transmission lines.
Rev is dedicated to solving a critical challenge in the transformation of energy systems: decarbonizing electricity supply while maintaining affordability, reliability and resilience.
“Rev Renewables will further drive the electrification of our economy and support the transition to a cleaner energy grid,” said Rev Renewables CEO Ed Sondey. “The establishment of Rev Renewables is a significant milestone and extension of LS Power’s renewable energy focus. I am 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.”
“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 well equipped to reimagine the future of renewable energy generation and storage,” Sondey said.
LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, LS Power has developed, constructed, managed or acquired more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects.
Source: Renewable Energy